investingLive Americas FX news wrap 20 Aug;Fed minutes show majority worry about inflation ...Middle East

Major indices close lower but the recovery into the close takes away some bearishnessIf Cook is guilty of mortgage fraud what are the normal penalties?Wall Street Journal's Timiraos: Broad support to hold rates steadyUS stocks have moved lower after the FOMC meeting minutesFOMC meeting minutes:It would take time to get clarity on tariffs.Upside risk to inflationNetanyahu has ordered the reduction in timelines for taking control of Hamas strongholdsU.S. Treasury auctions off of $16 billion of 20 year bonds at a high yield of 4.876%Major European indices close mixed. German DAX & Italy's FTSE MIB lower. UK's FTSE higherFed's Waller does not comment on monetary policy or the economyWSJ: Trump considering firing Fed Gov. Cook for cause if she does not resignCrude oil inventories in the current week -6.014M versus -1.759M estimateTrump: Cook must resign now!!!Canada new housing price index for July -0.1% versus -0.2% last monthFed nominee Zervos on CNBC says Fed policy is to restrictiveThe USD is little changed to kickstart the US trading session as Fed Powell awaitedinvestingLive European FX news wrap: Another hot UK CPIUS MBA mortgage applications w.e. 15 August -1.4% vs +10.9% prior

Putle tweeted that "Lisa Cook was cooked" and Pres. Trump chimed in that she should resign immediately. She was not charged with a crime.

If Cook did commit mortgage fraud, how is it treated under the law? Is that penalty, grounds for dismissal? Most times, no (see post here)

Pulte denied that by saying that they got a "tip" and investigated. If he didn't investigate, he would be doing its job.

In other news today, the the FOMC meeting minutes were released with the majority judging the upside risk to inflation as greater of the two risks.

They added on inflation risks:

Regarding downside risks:

The problem with the meeting minutes is that the meeting took place before the US jobs report on August 1 which changed the average job gain over 3 months from 150K to 35K in one fell swoop. That changed the view from an inflation focus to a dual focus It is hard to justify a cut on inflation with it well above 2%

Headline CPI (YoY): 2.7%

Producer Prices (PPI)

Core PPI (YoY): 3.7%

European indices were also mixed in trading today with UK's FTSE 100 higher, German and Italy indices lower in the other indices little changed.

US yields are closing marginally lower with the two-year down -0.04 basis points, while the 10 year is down -1.1 basis points. The 20 year note auction was met with a little bit better than average demand.

This article was written by Greg Michalowski at investinglive.com.

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