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When the Federal Reserve releases the minutes of its June meeting on Wednesday, traders expecting rate signals may find instead a study in leadership.
The document offers the first substantial look at how new Fed Chair Kevin Warsh intends to run the central bank. That is a different question from the one markets think they are asking.
What the minutes will actually reveal The case for reading these minutes carefully rests on style and internal emphasis, not the rate path.
Under a new chair, the internal record of a meeting captures something the statement and press conference often obscure: which arguments the chair tolerates, and how much distance he keeps from his predecessors' approach.
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