Here are some points from the ZeroHedge article FOMC Minutes: "Most" Back Rate Hikes, "Several" Fear Low Inflation, Financial Stability Risks. ​

  • ​***MOST FED OFFICIALS BACKED CONTINUED GRADUAL RATE HIKES**
  • *FED: FASTER INFLATION FROM TAX CUT AMONG REASONS TO SPEED HIKES
  • *SEVERAL FED OFFICIALS CONCERNED BY LOW INFLATION EXPECTATIONS
  • *COUPLE OF FED OFFICIALS CONCERNED BY FINANCIAL STABILITY RISKS
  • *FED OFFICIALS GENERALLY AGREED FLATTER YIELD CURVE NOT UNUSUAL

In an email exchange, ZeroHedge states those points are from Bloomberg.

The problem is I cannot find anything like point number two "*FED: FASTER INFLATION FROM TAX CUT AMONG REASONS TO SPEED HIKES" anywhere.

FOMC Minutes

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The Minutes of the December FOMC Meeting were released today.

The word "inflation" was used a whopping 108 times, but none of them had anything to do with tax cuts.

The word "tax" was used 12 times but again not in the context of "inflation".

By the way, and in context, we are talking about inflation as the central bank measures it, the Personal Consumption Expenditures (PCE) price index, not inflation as anyone with any once of common sense might think about the topic.

Mike "Mish" Shedlock

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