'Fast Money' traders react to July Fed minutes

Fed's Monetary Policy & Impact - The Federal Reserve is perceived to have maintained interest rates too low for an extended period, followed by an abrupt tightening of monetary policy [1][3] - The market is closely monitoring the Federal Reserve's actions, recognizing their significant directional impact [1] - The discussion revolves around the concept of a neutral interest rate, suggesting that the prolonged period of near-zero percent interest rates is unrealistic and unsustainable [2] Housing Market & Mortgage Rates - The expectation of mortgage rates returning to 3% is deemed unlikely [3] - The Federal Reserve's policy is seen as negatively impacting the housing market, as many refinanced at 3%, creating reluctance to move with current rates around 55%-65% [4] Confidence in Central Banks - There is a lack of faith and confidence in global central banks [4] - Central bankers are viewed critically, potentially ranking high among the villains of the 21st century [5] - Despite overall skepticism, Jerome Powell is acknowledged for doing a good job in the recent 6-9 months, aligning with market perceptions [5] Interest Rate Control & Market Influence - The Federal Reserve primarily controls short-term interest rates but lacks control over longer-term rates [6] - A previous rate cut in September, when ten-year yields were at 36%, was followed by a 1% (100 basis points) increase in those yields [5]