Seven Dissents. One Direction.
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Inside seventy-two hours the Federal Reserve held nine to three, the Bank of England held six to three and the Bank of Japan held eight to one. Every dissent on every committee was a vote for higher rates; not one member, anywhere, voted for a cut. By Friday morning a September rise in the US was priced near two in three, above where the decision left it, through a growth miss and a soft inflation month. The desk scores the week it published in advance, its own error included.
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Three committees held inside seventy-two hours: the Fed 9-3, the Bank of England 6-3, the Bank of Japan 8-1. All seven dissents were votes for higher rates; not one member anywhere voted for a cut. September stayed majority-priced through soft US data, and the desk scores the week, error included.
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Rates
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Analysis
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10 min read min
