Today’s market buzz

FOMC minutes showed a 9-3 vote to hold rates at 3.5%-3.75%. Logan, Hammack and Kashkari dissented, favoring a 25bp hike. Most backed holding, but many said tightening may be needed if inflation stalls. Softer CPI and weaker jobs reduced the case for an immediate hike, while CME put odds of a September hold near 67%. The minutes also flagged risks from AI infrastructure financing, stock valuations and Treasury volatility. Could inflation, long yields and AI valuations keep repricing risk assets?