While the FOMC members ultimately voted to stay on pause for the 8 th consecutive time in July, the minutes of the July FOMC indicated that participants viewed the incoming data as enhancing their confidence that inflation was moving toward the Committee's objective, UOB Group Senior Economist Alvin Liew notes.
While the FOMC members ultimately voted to stay on pause for the 8 th consecutive time in July, the minutes of the July FOMC indicated that participants viewed the incoming data as enhancing their confidence that inflation was moving toward the Committee's objective, UOB Group Senior Economist Alvin Liew notes.
” “The minutes indicated that the risks to inflation and unemployment are in better balance, while some see labor market at risk of more severe deterioration. Almost all the FOMC participants expect the progress of US disinflation to continue. Separately, BLS released the annual payrolls benchmark revision which lowered the jobs gain by 818,000 between Apr 2023 and Mar 2024, the largest revision since 2009.
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