Federal Reserve Minutes:

- During the June 11-12 meeting, most members observed that US economic growth was gradually slowing.

- Many members believe the current policy stance is restrictive.

- Several members stated that the funds rate might need to rise if inflation stays high or increases further.

Federal Reserve Minutes:

- Some highlighted that further demand weakening could lead to higher unemployment than recently experienced.

- Many members think monetary policy should be ready to react to unexpected economic downturns.

- Members viewed May's CPI reading as further evidence of progress toward the inflation goal.

- The committee has made modest progress toward the 2% inflation target in recent months.

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