Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling.
FILE - A news conference with Federal Reserve Chair Jerome Powell appears on a monitor on the floor at the New York Stock Exchange in New York, May 1, 2024. The Federal Reserve delivers the minutes from its most recent interest rate policy meeting on Wednesday, July 3, 2024. –
And in a noticeable shift from previous minutes, the officials cited concerns that a further cooling in the job market would likely lead to layoffs. So far, slowing demand for workers has mostly appeared in the form of fewer job postings. After their June 11-12 meeting, Fed officials issued a statement saying that inflation had resumed declining toward their 2% target. But they also scaled back their expectations for rate cuts this year, from three cuts to just one.
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