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LAST MINUTE: The Much-Awaited FED Minutes Have Been Released! Here Are All the Details
The minutes containing the details of the FED's interest rate decision meeting in June have been shared with the public.
Here are all the details from the FED minutes:
In particular, the remarks by FED members Christopher Waller and Vice Chair for Supervision Michelle Bowman, stating that a rate cut could be considered at the July meeting, drew attention. Both individuals were appointed during President Donald Trump's first term.
In the meeting in June, the FED kept the policy interest rate steady in the range of 4.25%-4.50. However, the minutes were shared retroactively as they came after the meeting held three weeks ago. This means that the minutes are from before the strong employment report released in June and before Trump's threat to impose new tariffs of 25% on major trading partners like Japan and South Korea starting August 1.
While Trump's calls for a clear interest rate cut to the central bank continue, data such as inflationary pressures and slowing employment growth are leaving the FED in a dilemma. On one hand, the FED is trying to maintain the 2% inflation target, while on the other hand, it continues its mission to keep the unemployment rate low.