The Fed meeting notes that commodity prices are expected to rise less than previously expected

On August 21, the Federal Reserve released its July meeting notes, which mentioned that the staff's forecast for real GDP growth from this year to 2027 is similar to the forecast made at the June meeting, reflecting the offsetting effect of multiple outlook revisions. Staff expect that < b > the cost of imported goods, including tariffs, will rise less than previously predicted, and the increase will be delayed ; in addition, financial conditions are expected to provide slightly stronger support for output growth. However, these positive effects on the economic outlook were offset by weaker than expected spending data and a lower-than-assumed boost to population growth from net immigration. < b > Staff still expect the labor market to weaken, with the unemployment rate expected to rise above staff estimates of the natural rate by the end of this year and remain above the natural rate until 2027.