Fed minutes reading published at 7:00 PM BST time:
Policy Rate:
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Create account Try a demo Download mobile app Download mobile app- Several participants believe the policy rate is at/near its peak.
- Focus should be on the duration of restrictive rates rather than how high they might rise.
Inflation:
- Inflation deemed unacceptably high by participants.
- More evidence required to be confident about decreasing price pressures.
- Most participants saw increased risks to inflation.
Economic Situation: The Committee discussed the current economic situation, noting improvements in various sectors.
- Labor Market: Continued strengthening with increased employment rates.
- Household Spending: Showed resilience and was supported by rising incomes.
- Business Investments: Remained robust.
- Inflation: Moderated but remained above the Committee's longer-run objective.
Economic Risks:
- Risks identified include the prolonged effects of financial tightening, union strikes, slowing global growth, and continued weakness in commercial real estate.
- The majority of participants found the future economic path highly uncertain.
- Many noted continued risks to economic activity and potential increases in the unemployment rate.
Financial Market Developments: The Committee reviewed financial market conditions. They observed that asset valuations were somewhat elevated, reflecting investors' risk appetite.
International Developments: Global economic prospects improved, but uncertainties remained, especially in some emerging market economies.
Source: xStation 5
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