Key Takeaways From Fed’s July Interest-Rate Meeting Minutes

Here are key takeaways from minutes of the Federal Reserve’s July 25-26 meeting, released Wednesday:

(Bloomberg) — Here are key takeaways from minutes of the Federal Reserve’s July 25-26 meeting, released Wednesday:

Fed signals it’s likely not finished raising interest rates with this key quote: “Most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy”
Minutes don’t give a definitive steer on the next rate decision in September, saying future moves “should depend on the totality” of incoming information and its implications for the outlook
While the Federal Open Market Committee’s 11 voting members unanimously voted to raise interest rates by a quarter point to a 22-year high, the support wasn’t unanimous among the broader panel of about 18 officials, as two favored leaving rates unchanged or “could have supported such a proposal”
Fed staff economists expect a “small increase in the unemployment rate” over the next two years even as they scrapped their forecast of a “mild recession,” offering more details than Chair Jerome Powell gave at his July 26 press conference

For Bloomberg’s TOPLive blog on the Fed minutes, click here

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