Federal Reserve releases minutes from June meeting
Jerome Powell, nominee to be chairman of the Federal Reserve Board of Governors, testifies during his confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington, DC, November 28, 2017.Federal Reserve officials saw last month the case for easier monetary policy gain momentum, minutes from the central bank's June meeting showed.
"Several participants noted that a near-term cut in the target range for the federal funds rate could help cushion the effects of possible future adverse shocks to the economy," the minutes said. "Some participants also noted that the continued shortfall in inflation risked a softening of inflation expectations that could slow the sustained return of inflation to the Committee's 2% objective.
The central bank kept interest rates unchanged at its previous meeting, but opened the door to lowering rates in July by noting it will "act as appropriate" to sustain the current economic expansion.
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