They noted that the economy is growing well and inflation is improving slightly. They will make future decisions based on upcoming economic data.
Key points in the FOMC report:
Some officials said the labor market's continued cooling could mean more layoffs. The labor market may need to continue to decelerate to achieve the target.
🔥Most Fed members view the current policy stance as restrictive.
Some members said policy needs to be prepared to respond to unforeseen economic weaknesses.
🔥Many officials believe that if inflation continues to remain stable or increase, it may be necessary to increase interest rates.
🔥Participants viewed May's CPI as additional evidence of progress toward the inflation target.
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