Fed meeting notes: Tariffs put upward pressure on commodity price inflation
2025-08-20 18:05:34
On August 21, the Federal Reserve released its July meeting notes, which mentioned that real GDP growth was moderate in the first half of the year. Unemployment remained low and consumer price inflation remained relatively high. The slowdown in inflation appears to have stalled, with tariffs putting upward pressure on commodity price inflation. After a significant drag on GDP growth in the first quarter, net exports turned from negative to positive in the second quarter. Real imports of goods and services fell sharply, possibly due to the subsequent impact of large imports in the first quarter in response to expected tariff increases. In contrast, exports of goods fell more modestly, while exports of services rose further.
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