Analysts say they expect the minutes to reflect a balancing act that is likely to continue as officials prepare for the next meeting of the Federal Open Market Committee on May 2-3
Detailed minutes of the U.S. Federal Reserve’s meeting last month due out Wednesday may show just how close the central bank came to postponing further interest rate increases following the failure of two U.S. banks in the days leading up to the session.
Citi analysts Andrew Hollenhorst and Veronica Clark said they expect the minutes, released at 2 p.m. EDT , to reflect a balancing act that is likely to continue as officials prepare for the next meeting of the Federal Open Market Committee on May 2-3. Another quarter-point increase is expected, but policy-makers have also said they are watching banking data closely for signs of stress or a larger-than-anticipated drop in lending.
The Silicon Valley Bank failure was the largest bank collapse since the 2007 to 2009 financial crisis, and raised at least the possibility of fast-spreading financial contagion if other regional lenders started losing deposits faster than they could be covered. Still, the events on that March 10 weekend added new complexity to a Fed policy debate that had been single-mindedly focused on lowering inflation from levels that last year were more than triple the Fed’s 2 per cent target.
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