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MARKETS TODAY
The US Federal Reserve (Fed) will release the minutes of its December FOMC meeting today at 9:00 PM Turkish time (2:00 PM Eastern Time). At the meeting held on December 9-10, 2025, the Fed cut its policy interest rate by 25 basis points to the 3.50%-3.75% range. This was the third rate cut in 2025, and it was noteworthy that committee members signaled expectations of more limited rate cuts for 2026. The minutes will detail the Fed officials' views on inflation, the labor market, and economic growth. In particular, disagreements within the committee, clues about next year's interest rate path, and potential risks will be closely watched by investors. Markets are looking for a "more cautious" tone in the minutes, which could affect US bond yields, the dollar index, and stocks. With trading volumes low in the markets due to the year-end, the minutes stand out as the most important development of the day. The next FOMC meeting will be held on January 27-28, 2026.