According to Wu, the Federal Reserve released the minutes of its June 12 meeting on July 3. The minutes showed that due to high inflation, Fed officials were generally satisfied with a wait-and-see stance and did not have enough confidence to cut interest rates. However, some policymakers called for close attention to signs that the labor market may weaken faster than expected at last month's meeting. The vast majority of participants believed that the growth of economic activity seemed to be gradually cooling down.
