The minutes may show how much faith different groups of Fed officials have in a continued decline in inflation, or whether the bulk of them still feel another rate increase is likely needed
The minutes of the Federal Reserve’s policy meeting last month may indicate on Wednesday how many policy-makers feel the U.S. central bank is done raising interest rates and whether possible risks to the economy from the aggressive monetary tightening have taken on more weight in their debate.raised its benchmark overnight interest rate to the 5.25 per cent-5.
An additional quarter-percentage-point rate increase, whether at the Fed’s Sept. 19-20 meeting or later in the year, would be marginal in its macroeconomic impact, a small addition to the 5.25 percentage points the Fed has added to its policy rate over the 16 months ending in July. The minutes include references to how officials assess the economy, the likely path of inflation, appropriate monetary policy, and the chief risks to policy-makers’ outlook.
And whatever the debate among policy-makers as of the July 25-26 meeting, data since then has confirmed a continued hiring slowdown along the lines Fed officials have hoped might help cool the job market, while the closely-watched personal consumption expenditures price index excluding food and energy posted its first significant drop since 2022. The core PCE index fell in June to 4.1 per cent from 4.
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