, Columnist
The Fed Minutes That Shook the World
A reminder of hawkish intent before post-New Year’s exuberance went too far isn’t all bad.
The Fed just unleashed a big, hawkish signal to markets.
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2022 has received one last kick from 2021, and traders in the stock market don’t seem to like it. The Federal Open Market Committee last met to consider monetary policy on Dec. 15. Everyone knows what they decided. But the minutes of that meeting, with much more information on how the decision was made, didn’t come out until 2 p.m. Wednesday in New York. The effect on both bond yields and share prices was immediate, with the former surging while stocks sold off: