Fed Minutes: Rate Hike Is Back on the Table | S3 E147 | 05-20-26
The Federal Reserve’s April meeting minutes, released today, show a committee growing more uncomfortable with inflation. The language shifted from “somewhat elevated” to simply “elevated,” and three members pushed to signal that the next rate move could be a hike, not a cut.
This matters for anyone watching their portfolio right now. The market has already adjusted, pricing in one rate hike before the end of 2026. That is a sharp reversal from where expectations stood just a few months ago when the Fed was still talking about cuts.
In this episode, Megan covers:
• Why the Fed’s word change on inflation from “somewhat elevated” to “elevated” sends a real signal
• The 8-to-4 vote and why four dissenters is the most since October 1992
• What three committee members wanted to say openly about a potential rate hike
• Why one member still wanted a rate cut, and what that division tells us
• How the labor market assessment shifted to “stabilizing but still fragile”
• What to watch for at the June meeting, including the Fed’s updated economic projections and Kevin Warsh’s first meeting as Fed chairman
If you’re trying to make sense of where interest rates are headed and what it means for your money, this episode is worth five minutes of your time.
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For a history of all Markets with Megan episodes, visit: https://marketswithmegan.FM
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