Musk: Supporting Doge wherever possible

tweet at 2:03pm: *FOMC Minutes: Staff Lowered Growth Forecast for Second Half of 2022 and 2023 --WSJ tweet at 2:03pm: FED MINUTES: PARTICIPANTS SAW LITTLE EVIDENCE TO DATE THAT SUPPLY CONSTRAINTS WERE EASING ENOUGH TO HELP CONTROL INFLATION. tweet at 2:04pm: FED MINUTES: THE MAJORITY OF PARTICIPANTS SAW DOWNSIDE RISKS TO GROWTH, INCLUDING THE POSSIBILITY THAT FED HIKES WILL HAVE A LARGER-THAN-EXPECTED IMPACT. tweet at 2:05pm: PARTICIPANTS JUDGED RATE INCREASE OF 50 OR 75 BASIS POINTS WOULD LIKELY BE APPROPRIATE AT JULY POLICY MEETING -FED MINUTE tweet at 2:06pm: FOMC: "with inflation remaining well above the Committee's objective, participants remarked that moving to a restrictive stance of policy was required to meet the Committee's legislative mandate to promote maximum employment and price stability"

The manager of the System Open Market Account (SOMA) turned first to a discussion of financial developments. Over the intermeeting period, there were significant swings in asset prices, and financial conditions tightened, on net, as market participants assessed incoming information about the economy. In the United States, near-term policy rate expectations shifted markedly toward the end of the period, particularly after the release of the May consumer price index (CPI) report. Ahead of the release of the report, market expectations reflected a broad consensus that there would be 50 basis point rate increases at both the June and July FOMC meetings. After the release of the higher-than-expected inflation data, policy-sensitive rates pointed instead to a considerable probability of 75 basis point moves at both the June and July meetings. The market-implied path of the federal funds rate moved higher at longer horizons as well. Market participants noted elevated uncertainty about the economic and monetary policy outlook. Across the yield curve, rates on nominal Treasury securities ended the period significantly higher, primarily reflecting the revision in the outlook for monetary policy and the associated rise in real yields. Market-based measures of inflation compensation continued to indicate expectations that inflation would decline notably in coming quarters, and measures of medium-term inflation compensation fell over the intermeeting period. Market participants reported that while liquidity conditions in the market for Treasury securities had been affected by the elevated volatility in rates and larg tweet at 2:00pm: [DB] ALMOST ALL OFFICIALS BACKED RAISING RATES 75 BPS AT JUNE FOMC tweet at 2:00pm: FED MINUTES: 'MANY' PARTICIPANTS JUDGED THERE WAS A 'SIGNIFICANT RISK' HIGHER INFLATION COULD BECOME ENTRENCHED IF PUBLIC QUESTIONS FED'S RESOLVE tweet at 2:01pm: FED MINUTES: PARTICIPANTS 'CONCURRED' HIGH INFLATION WARRANTED 'RESTRICTIVE' INTEREST RATES, WITH POSSIBILITY OF 'MORE RESTRICTIVE STANCE' IF INFLATION PERSISTS tweet at 2:01pm: *FED OFFICIALS RECOGNIZED POLICY COULD SLOW GROWTH FOR A TIME