According to Blockworks, Felix Jauvin, a newsletter writer at Blockworks, conducted an in-depth interpretation of the recently released meeting minutes of the Federal Reserve Open Market Committee (FOMC) during the US Independence Day holiday. The meeting minutes showed that although inflation fell significantly in the second half of 2023, there was less progress compared with the beginning of 2024. In addition, the FOMC acknowledged for the first time that artificial intelligence may increase productivity and have an inflationary effect. The minutes also mentioned that data on job growth may be overestimated, which may mean that their view of the labor market is too optimistic. He said these FOMC meeting minutes represent an outdated view of the economy, especially at a time when the economy is undergoing an institutional shift. Still, the focus and discussion was found to be generally tame, especially given all the weak economic data that has been received since.
