The Federal Reserve on Wednesday released minutes from its July 30-31 policy meeting.
"The vast majority" of participants at the July 30-31 meeting "observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the summary stated.
"The vast majority" of participants at the July 30-31 meeting "observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the summary stated. The document stated that "several observed that the recent progress on inflation and increases in the unemployment rate had provided a plausible case for reducing the target range 25 basis points at this meeting or that they could have supported such a decision."
However, the summary made clear that officials were confident about the direction of inflation and are ready to start easing policy if the data continue to cooperate. In its post-meeting statement, the committee noted that job gains had moderated and that inflation also had "eased." However, it chose to hold the line on its benchmark funds rate, which is currently targeted in a 5.25%-5.5% range, its highest in 23 years.
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