According to Odaily, Nick Timiraos, a spokesperson for the Federal Reserve, has expressed that due to rising inflation, officials lack sufficient confidence in cutting interest rates. During a meeting last month, some decision-makers called for close attention to signs that the employment market's fatigue might be faster than expected. The minutes from the Federal Reserve's June meeting revealed that several participants stated that monetary policy should be ready to respond to unexpected economic weakness at any time.
Officials also listed several economic developments, including slowing wage growth, declining corporate pricing power, and increased consumer sensitivity to price increases, to support their expectations that inflation will continue to decrease over the next year. The minutes showed that officials were generally satisfied with their wait-and-see stance on interest rate changes and highlighted a range of views that could prompt the Federal Reserve to raise or lower interest rates. Coupled with recent public statements by Federal Reserve officials, the minutes suggest that they are unlikely to cut interest rates at a meeting later this month.