The April FOMC Minutes: What to Watch Tonight

Wed 20 May 2026 | 7:00pm BST | 2:00pm ET

Live on YouTube Now:

I’ll be live on the channel covering the release in real time. Join me to react to the print together as the wire scrolls.

The April FOMC minutes hit the wire at 7pm UK tonight / 2:00pm ET. They cover the 28-29 April meeting, which was Powell’s last as Chair and the most divided FOMC vote in 33 years. We already know the headline. Rates held at 3.50 to 3.75% on an 8 to 4 split. What we don’t know yet is the texture under that vote. How many non-dissenters quietly sympathised with the hawks. How participants now frame tariff and Iran inflation pass through. Whether the easing bias language survived by a comfortable majority or a knife edge.

The tape is fragile heading into the print. Third straight down day on the S&P, 30 year yields at 18 year highs, and NVIDIA earnings dropping post close the same day. This is not a quiet macro window.

State of the economy