FED MINUTES: STICKY INFLATION, NO PIVOT – AND JAPAN TAKES THE STRAIN

Strategy Report ·David Roche ·09 Jul 2026

#Japan #United States #Rates #Federal Reserve #Fed (US)

The Fed's June minutes reveal sticky inflation concerns even as belief in current policy's adequacy fades — David Roche argues rates should rise, not hold. But with the BoJ further behind the curve, he sees the real fallout landing on the Yen (165 to the dollar) and JGB yields, not the greenback.