The Fed

Today the Fed published the minutes of the August 8 meeting of the FOMC .
The takeaways are as follows :

" The growth of consumer spending slowed considerably in the second quarter after the surge in purchases around the turn of the year "

" Nonfarm payrolls increased in June and July, but more slowly than in the first quarter "

" Residential construction activity contracted in the second quarter. Single-family starts declined in June to a level well below the average of the previous twelve months "

" In view of the elevated readings on costs and prices, many members thought that the decision to keep policy unchanged at this meeting was a close call,” .........“ But with economic growth having moderated some, most members anticipated that inflation pressures quite possibly would ease gradually "

``The full effect of previous increases in interest rates on activity and prices probably had not yet been felt, and a pause was viewed as appropriate to limit the risks of tightening too much,''

In other words , the Fed sees enough slowing in the economy that it can wait and see before it decides to make any more rate increases --- IF any .... the market can relax as long as inflation #'s don't creep up any more ...... the downward pressure in Oil , Natural Gas and Copper the last few weeks can assuage investors for the time being