Evaporating.

ANGLES. · Jul 9, 2023 · 5m

Fears of an imminent destructive recession and hopes of any interest rate cuts in 2023 are evaporating in equal measure, with each narrative pulling markets in opposite directions.

We learned last week that the Fed was apparently a lot less united at its recent interest rate-setting June meeting than the announced unanimous decision suggested. According to the minutes of that gathering released on Wednesday, some officials favored another quarter-point increase right then and there, but eventually went along somewhat reluctantly with a decision to pause the hikes.

Nearly all members of the…