The Fed’s Minutes Are Hawkish. They Also May Be Out of Date.

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Minutes from the Federal Reserve’s June 14-15 meeting reveal central bankers’ growing anxiety over inflation and plans to adopt a restrictive policy stance in order to cool rapidly rising prices.

The minutes read hawkish. Major stock indexes, however, rose after the release as investors consider economic developments since the Fed last met and bet that flagging economic growth will ultimately limit the amount of tightening the central bank must conduct. Both the


S&P 500


and


Nasdaq 100


gained about 1% within an hour of the release.

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