The Fed's July minutes, released August 19, showed a 9-3 vote to hold rates at 3.50%-3.75%. Three regional presidents dissented for a hike, and Chair Kevin Warsh used the same document to float cutting FOMC meetings from eight a year to six.
Schwab's Kevin Gordon flags the Philly Fed six-month manufacturing outlook climbing in August to its highest level since 1983, amplifying the hawkish regional surprise markets paired with the July FOMC minutes. Source
