Breaking News: The Eagerly Awaited FED Minutes Have Been Published! Here Are the Details

After the FED left interest rates unchanged at its last meeting, the minutes of the said meetings were published.

Here are the details from the minutes:

• Members believe that upside risks to inflation have receded.
• Some members see an increased risk of more serious disruption to the workforce.
• “A large majority of members” believe a rate cut in September is likely to be appropriate.
• ‘A few’ members saw reasons for a rate cut at the July meeting.
• Downside risks to employment are seen as increased.
• Almost all members believe that the decline in inflation will continue.
• Nearly all authorities want more inflation data before cutting interest rates.
• Members believe the latest data strengthens their confidence that inflation is on track to reach the 2% target.
• Many participants said recent improvements in inflation and the rise in the unemployment rate provided a “reasonable basis” for a quarter-point cut at the July meeting, or that they would support such a move.
• All participants supported keeping the current policy rate range unchanged.
  Many participants noted that easing policy too late or too little could excessively weaken economic activity or employment.
• Members have observed that the Fed has recently made “further progress” in achieving its 2% inflation target.
• Fed officials lowered their forecast for economic growth in the second half of 2024, largely citing weaker-than-expected labor market conditions.
• Many officials said interest rates were at restrictive levels.