The Fed held rates steady despite market hopes for cuts.

The minutes showed little support for a rate cut in July, with only a few members even open to the idea.

They emphasized inflation risks—particularly tariff-related pressures—as reasons to stay cautious.

Musalem, like other Fed speakers recently, did not strongly signal urgency to cut rates.

🟡 What this means for markets:
Hawkish = Preference to keep rates higher for longer to fight inflation.

This generally weighs on equities and supports the dollar, but doesn’t mean the market is "bearish" unless economic data worsens.

So overall:

✅ Hawkish Fed
❌ Not dovish
❌ Not outright bearish (but can pressure risk assets)