Nick Timiraos, the Fed's megaphone, said the Fed meeting notes revealed something we already knew, with officials divided into three main camps [on the path of interest rates]:
1. Cut interest rates during the year but exclude July (mainstream camp);
2. Stay put throughout the year;
3. Advocate immediate action at the next meeting (the minutes show only "minority" support, implying Fed governors Waller and Bowman).
The meeting notes also noted that "several participants indicated that the current target range for the federal funds rate may not be much higher than neutral." In other words, even if interest rate cuts are resumed, unless the economy slows significantly, there will be limited room for further rate cuts.
"Fed megaphone": meeting notes show the Fed is divided into three camps
2025-07-09 19:01:09
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