The Marriner S. Eccles Federal Reserve building in Washington, DC, US. (Photographer: Ting Shen/Bloomberg)
(Bloomberg) -- Here are the key takeaways from minutes of the Federal Reserve's June 11-12 meeting, released Wednesday:
- Officials did not expect it would appropriate to lower borrowing costs until “additional information had emerged to give them greater confidence” that inflation was moving toward their 2% goal
- The “vast majority” of Fed officials assessed that economic growth “appeared to be gradually cooling, and most participants remarked that they viewed the current policy stance as restrictive”
- Officials said inflation progress was evident in smaller monthly gains in the core personal consumption expenditures price index and supported by May consumer price data that were released hours before the rate decision
- Some officials emphasized the need for patience in allowing high rates to continue to restrain demand, while others noted that if inflation were to remain elevated or increase further, rates “might need to be raised”
- A “number” of officials said the Fed needs to stand ready to respond to unexpected weakness, and several flagged that a further drop in demand may push up unemployment rather than just reduce job openings
--With assistance from Amara Omeokwe.
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