Bond markets have not taken kindly to the Fed Minutes. The minutes show a propensity toward Fed “action”, most of which markets believe to be inflationary. Inflation leads to higher mortgage rates and that’s exactly what we’ve seen.
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From the category archives:
FOMC Minutes
The Federal Reserve released its September 21, 2010 meeting minutes Tuesday afternoon. Mortgage rates are slightly higher today.
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From March’s Fed Minutes, it’s clear that the Fed’s concern about inflation is hugely diminished — a major plus for the mortgage bond market and mortgage rates.
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The Fed Minutes is a follow-up document, delivered 3 weeks after an official FOMC meeting. It’s a companion piece to the post-meeting press release, detailing the debates and discussions that shaped our central bankers’ policy decisions. The Minutes is a terrific look into the Fed’s collective mind and, yesterday, Wall Street didn’t like what it saw.
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