PANews reported on July 4 that according to Cailian Press, the minutes of the Federal Reserve meeting showed that the vast majority of officials believed that US economic growth was gradually cooling down, and most participants believed that the current policy stance was restrictive. The Federal Reserve is waiting for "more information" to gain confidence to cut interest rates. Some participants said that policies should be ready to respond to unexpected economic weakness, and several Federal Reserve officials said that if demand weakens, the unemployment rate may rise.
The minutes showed that several participants said that if inflation persisted at high levels or rose further, interest rates might need to be raised. Participants saw "further modest progress" toward the committee's 2% inflation goal in recent months.
Nick Timiraos, the Fed's "mouthpiece," said the minutes suggested they were unlikely to cut rates at their meeting later this month.
