BBH analyst Marc Chandler says April FOMC minutes "seem slightly more
hawkish than the market expected" and may be a reason stocks dipped. He
says "The 25 bp rate cut that was delivered was said to be a "close
call", which reinforces the sense that policy is on hold now. Many
officials saw the risk of an economic contraction in H1, but this seems
less likely now... The Fed also raised its core inflation forecast to
2.2%-2.4% from 2.0%-2.2%."