FOMC Minutes

The FOMC minutes are the detailed record of a Federal Open Market Committee meeting, published some weeks after the rate decision itself. They set out the discussion behind the vote: how participants read inflation, the labour market and financial conditions, and where opinions diverged. Because the decision and press conference are already known, the minutes matter for nuance — evidence that several members favoured a different path, or that the committee's tolerance for above-target inflation has shifted. That nuance can move the dollar and dollar pairs on release. Other major central banks publish comparable accounts of their meetings, and traders treat all of them as scheduled, calendar-driven volatility events.