Show meeting minutes Federal Reserve Held July 26-27, US central bank officials saw “little evidence” late last month that inflation pressures in the United States were easing and sharpened themselves to push the economy to slow down as needed to control a price jump.
While they have not publicly hinted at a specific pace for the next rate hike starting from the September 20-21 meeting, the minutes of the meeting released on Wednesday showed that monetary policy makers were committed to raising rates as needed to bring inflation under control and acknowledged that they would target lower spending and growth. weaker until that happens.
Fed officials noted at their July meeting that while some parts of the economy, particularly housing, had begun to slow under the weight of tightening credit conditions, the labor market remained strong and employment near a record low.
The meeting minutes said participants agreed that there was “little evidence to date that inflation pressures are easing.”
“The participants stressed that a slowdown in overall demand will play an important role in reducing inflation pressures,” he added.
The meeting minutes said the pace of interest rate increases would depend on incoming economic data as well as the Federal Reserve’s assessments of how the economy was adjusting to rate increases that had already been approved.
He added that some participants felt that interest rates would have to reach a “restrictive enough level” and stay at that level “for some time” to control inflation, which has reached a four-decade high.