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FOMC minutes highlight shift toward less explicit forward guidance

Reported · Written up by our desk · Central Banks

The Federal Reserve kept the federal funds rate in a 3.50% to 3.75% target range at its July meeting, according to the FOMC minutes, which also noted three dissents in favor of a 25 basis point rate increase.

Action Forex reports the minutes suggest the Fed is trying to communicate policy in a way that reduces explicit forward guidance.

The minutes also reinforce that the Fed’s communication strategy has shifted under Chair Warsh, emphasizing less direct signaling while still conveying the committee’s outlook.

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