Buried in the Fed minutes today was yet more indecisiveness about the likelihood of December rate hike. Among the "appreciable downside risks" cited by the Fed was below target inflation. In today's Early Look, Hedgeye CEO Keith McCullough wrote:
"Have you been of the view that the money that was printed was going to create a “velocity” of money or behavioral distrust? If the short-term policy was to create the illusion of growth (inflation expectations), isn’t the long-term risk a #Deflation of those expectations?"