On Wednesday July 7, the minutes of the June 16 FOMC meeting were released.
According to the minutes of the meeting, most Fed members expect inflation to subside after the jump. Some FOMC members believe that the conditions necessary for the stimulus cut will be met sooner than expected.
The Fed sees economic activity and employment indicators as improving, but the economy is still far from reaching its goal of maximum employment.
Some FOMC members felt that the incoming data gave a less clear signal of the underlying economic momentum and decided that the Committee would receive information in the coming months to better assess the labor market situation and inflation.
Progress in vaccination is likely to continue to mitigate the economic impact of the public health crisis, but risks to the economic outlook remain.
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