Synopsis: TD Securities awaits clarity from the FOMC minutes on the Fed's hawkish stance presented in their September meeting. The bank anticipates understanding the rationale behind the decision, especially against the backdrop of the recent shifts in rates.

Key Points:

• Fed's September Decision: The Federal Reserve's choice to maintain rates at 5.25%-5.50% was in line with expectations. Yet, the Summary of Economic Projections (SEP) and overall policy guidance emerged more hawkish than forecasted.

• Aiming for Clarity: TD Securities is keen on gleaning insights from the minutes regarding the discussions that prompted the FOMC's "higher for even longer" messaging.

• Contrasting Tone Possible: Given the recent dynamics in rates, TD suggests the minutes might project a less hawkish tone compared to initial expectations.

Conclusion: TD Securities expects the upcoming FOMC minutes to offer valuable context on the Federal Reserve's hawkish tilt in September, especially given the shifts in the rate environment since then.