Fed's Next Meeting, Not Released Minutes, Will Reflect Strait of Hormuz Shock

The Federal Reserve released June meeting minutes on July 8—before the US-Iran military escalation and ceasefire of late June. Those minutes capture Committee thinking from June 16–17, before tanker strikes and shipping disruptions. The July 28–29 meeting is when the Fed will assess actual inflationary pass-through from energy and freight costs. For rate traders, the minutes are a lagging document; policy signals will arrive three weeks later.