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Fed Minutes: Majority of Officials See September Rate Cut as Appropriate
Summary: The latest Federal Reserve meeting minutes reveal that many officials believe current interest rates are at restrictive levels, and they have downgraded their economic growth expectations for the second half of 2024, largely due to a weaker-than-expected labor market. The minutes noted "further progress" toward the Fed's 2% inflation target, but officials remain cautious about ...
The latest Federal Reserve meeting minutes reveal that many officials believe current interest rates are at restrictive levels, and they have downgraded their economic growth expectations for the second half of 2024, largely due to a weaker-than-expected labor market. The minutes noted "further progress" toward the Fed's 2% inflation target, but officials remain cautious about inflation risks and warn that easing policy too late or too little could excessively harm economic activity and employment.
Nearly all participants expressed a desire to see more inflation data before making any decisions on rate cuts. Some officials, however, indicated that recent inflation progress and rising unemployment provided a reasonable basis for a 25-basis-point rate cut during the July meeting.
Tags: Fed,inflation,Interest Rates
Link: Fed Minutes: Majority of Officials See September Rate Cut as Appropriate [Copy]
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