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Expand chart
Data: Federal Reserve; Chart: Axios Visuals

Minutes from the Fed's July policy meeting were released Wednesday and policymakers' dour outlook suggests that more easing and stimulus could be on the way, strategists who closely watch the central bank say.

Why it matters: More liquidity from the Fed could mean more gains for stock and bond prices and further erosion of the dollar.

The backdrop: The Fed has tapered off its quantitative easing bond-buying program and additions to its balance sheet in recent months as credit markets have smoothed and the S&P 500 has risen back to record highs.

  • But worries about a languishing economy, a lack of action from Congress and rising long-dated bond yields could spur action.

What they said: "Noting the increase in uncertainty about the economic outlook over the intermeeting period, several participants suggested that additional accommodation could be required," the minutes noted.

  • The Fed's staff also warned "that a more pessimistic projection was no less plausible than the baseline forecast."

Between the lines: Analysts at TD Securities said they "continue to expect the Fed to ease in September."

  • "The Fed's failure to pre-commit left markets disappointed today, but we don't think easing has been ruled out."
  • "We believe that forward guidance will be strengthened and QE purchases will occur in the long end."

Go deeper

Mnuchin's plan to shift unspent Fed funds

Illustration: Aïda Amer/Axios

A move by Treasury Secretary Steven Mnuchin could handcuff his likely successor Janet Yellen's ability to immediately restart Fed economic programs.

Driving the news: Mnuchin is planning to shift $455 billion in unspent CARES Act funds into a special account that would require Congress' permission to access, Bloomberg reports.

Updated 14 hours ago - Technology

From Malcolm X to "Free Britney," new media shapes the justice system

Illustration: Shoshana Gordon/Axios

True crime documentaries, podcasts and social media campaigns are bringing new attention to real-world legal proceedings — and are often affecting the outcome.

Why it matters: New media platforms can instantly put a national spotlight on cases that have long been forgotten or buried under red tape.

Updated 17 hours ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.