US FOMC June Minutes "Economic Growth Cooling...Inflation Shows Some Progress"

The minutes of the June 2024 meeting of the Federal Open Market Committee (FOMC), released by the U.S. Federal Reserve, show that a majority of FOMC members said that economic growth is gradually cooling and that policy should be prepared to respond to unexpected economic weakness. Members assessed that they had seen some further progress toward 2% inflation in recent months. Some members said they may need to raise rates if inflation remains high or rises further, and that they are awaiting more information to gain confidence to cut rates. They agreed that the unemployment rate will gradually decline in 2024 and 2025.