Minutes to the Fed's July policy meeting due on Wednesday may come under more scrutiny than normal given the central bank really only has one opportunity left, at its meeting next month, to raise rates before the November presidential election.

Fed officials have given differing and often conflicting signals throughout much of this year on when the next move will come, leaving few with any clear sense of how much of a risk there is of a September rate rise.


One other somewhat inconvenient truth for central bankers is that after well over half a decade of emergency monetary policy, there is some growth, but scant inflation to speak of in most developed economies other than rampant asset price inflation.

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