Federal Reserve Minutes: The vast majority of participants said that easing policy at the next meeting would probably be appropriate if data continued as expected.
Some participants said that recent developments in inflation and increases in the unemployment rate made reasonable grounds for a 25 basis point cut at the July meeting or that they would support such a move.
Most participants said that risks to the employment target had increased; many said that risks to the inflation target had decreased.
All participants supported keeping the policy rate in the current range.
Participants viewed the data as increasing confidence that inflation was approaching the 2% target.
The Federal Reserve staff's outlook for economic growth in the second half of 2024 was revised downward, largely in response to weaker-than-expected labor market conditions.
Many participants said that easing policy too early or too much could risk reversing progress in inflation.