Thursday 7th July 2022The FOMC minutes are out, pointing to significant risk if inflation isn’t nipped in the bud. Markets are taking this as a sign that the Fed will lift rates more quickly, starting with a 50-75 basis point hike at the next meeting. This has added to concerns about the Fed inducing a recession, yet equity markets continue to climb. Phil asks NAB’s Ray Attrill whether the minutes are a little out of date, given the ISM read shows a fall in employment. We’ll get a clear indication of the jobless rate with initial claims for the US tonight. And Australia’s trade balance is the major release locally.

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