Strategists at TD Securities (TDS) offer a brief preview of the September FOMC monetary policy meeting minutes, due for release later during the US session this Wednesday.

Key Quotes:

“At the meeting, the dot plot median revealed a higher-than-expected Fed Funds terminal rate of 4.625%, with a fairly even dot distribution around this level. The question is how much of this was reflected in the deliberations at the September meeting. The tone of these deliberations likely was more hawkish given core CPI inflation trends, upsetting the current market narrative of dovish Fed pivot.”