The latest FOMC Minutes highlighted that while the majority of Federal Reserve officials agreed to slow the pace of rate hikes to 25bps at the last meeting, they remained concerned about the upside risks of inflation.
The initial market reaction was relatively muted. However, risk sentiment began to sour as traders continued to digest the release and speculate on the likelihood of further interest rate hikes.
Check out this article for a deeper insight into the FOMC Minutes and some of the key takeaways: