"Fed Whisperer" Nick Timiraos: The Fed's Minutes usually don't reveal much new information, but they reinforce the already public messages: First, based on Powell's press conference, the overall sentiment of the committee at the July meeting was hawkish (at least compared to the market's expectations); Second, the dependence on data and forecasts became apparent, as more officials showed openness to a September rate cut after the August 1 employment report was released.