Fed officials acknowledged price pressures in decline at last meeting, minutes show

Federal Reserve officials at their last meeting acknowledged the U.S. economy appeared to be slowing and that “price pressures were diminishing,” but still counseled a wait-and-see approach before committing to interest rate cuts, according to minutes of the two-day session held on June 11-12.

Still, “they did not expect that it would be appropriate to lower the target range for the federal funds rate until additional information had emerged to give them greater confidence that inflation was moving sustainably toward” the 2 per cent target. “The vast majority of participants assessed that growth in economic activity appeared to be gradually cooling, and most participants remarked that they viewed the current policy stance as restrictive,” and therefore likely to further curb the economy and inflation.

Data released on June 12 showed the CPI had not risen at all in May on a month-to-month basis, an encouraging development that came late in the Fed’s policy deliberations.

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