"Fed Minutes Reveal Prolonged Path to Rate Cuts Amid Inflation Concerns"
TL;DR Summary
Federal Reserve officials, in their May 1 meeting, concluded that it would take longer than expected for inflation to cool sufficiently to justify reducing the key interest rate, which is currently at a 23-year high. Despite some officials being open to raising rates if inflation re-accelerates, Chair Jerome Powell indicated it was unlikely. Recent data showing slowed hiring and cooling inflation further reduced the likelihood of a rate hike. The Fed remains cautious, requiring more consistent inflation data before considering rate cuts, likely not before September.
- Federal Reserve minutes: Policymakers saw a longer path to rate cuts The Associated Press
- Minutes of the Federal Open Market Committee, April 30–May 1, 2024 Federal Reserve
- Federal Reserve minutes indicate worries over lack of progress on inflation CNBC
- Fed officials aren’t easing Wall Street’s nerves CNN
- US Bonds Slip as Fed Minutes Show Higher Rates Still on Table Bloomberg
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