FOMC Minutes Released

• Minutes from the Fed’s July meeting showed most members struck a slight hawkish tone, citing upside inflation risks as outweighing concerns over labour market weakness.
• Importantly, the meeting preceded July’s weak payrolls print, which revealed private-sector job growth stalling outside healthcare.
• Markets now price a 25bp September Fed cut at ~82% probability, down from 85% a day earlier, while US Treasury yields held flat to 2bp lower across the curve.
• On today’s data calendar, S&P Global PMIs are released for Australia and the rest of the world, while in the US focus turns to the Jackson Hole Economic Policy Symposium.