FOMC Minutes
Definition
A detailed account of the discussion at the prior FOMC meeting, released three weeks later. It reveals the range of views, risks and conditions members attached to future policy.
Why investors care
The minutes can shift rate-cut/hike expectations by surfacing how hawkish or dovish the debate really was beneath a consensus statement.
What to watch
Markets hunt for new conditionality — phrases like “several” vs “a few” members signal how close a policy pivot is.