Dissents Show Fed is 'Running Out of Patience' with Inflation, Says Goldman Sachs
Dow Jones02:23
Three members of the FOMC dissented against the decision to hold rates steady, a sign that the central bank is turning more hawkish, Goldman Sachs's asset management arm wrote to clients.
"The Fed appears to be running out of patience with above-target inflation, despite recent data coming in cold. The committee's growing hawkish sentiment... has also likely been exacerbated by the recent flare up in hostilities in the Middle East," Kay Haigh, global head of fixed income at Goldman Sachs Asset Management, wrote after the decision.
A hike in September looks likely, Haigh added, with further action dependent on the next two inflation readings.
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