[Global] Fed's June Minutes Show Persistent Inflation Risk, Easing Jobs Concern
The June FOMC minutes showed upside risks to price stability remained elevated, while downside risks to maximum employment had eased somewhat. A few members reportedly said a rate hike would have been appropriate at the June meeting.
Most participants judged further tightening would likely be needed if inflation pressures failed to ease, while also noting rates could be held steady or cut if inflation returns to the 2% target. Markets read the minutes as somewhat hawkish.
The 10-year Treasury yield rose after the minutes were released, and market-implied odds of an additional Fed rate hike this year climbed to about 60%. Against this backdrop, UBS recommended relatively defensive names including Eli Lilly, Lockheed Martin, Stryker, McDonald's, Charles Schwab and Medtronic.
The overnight U.S. and global market brief above is compiled from 삼프로TV 오전 방송 (https://www.youtube.com/watch?v=FeM7qlhVkI0).