FOMC Meeting Minutes for the June Meeting
Vast majority of participants at Fed's June 11-12 meeting assessed US economic growth appeared to be gradually cooling.
Most participants saw current policy stance as restrictive.
Several participants said if inflation were to persist at elevated level or rise further, funds rate might need to be raised.
Several specifically emphasized further demand weakening could generate a larger unemployment response than in recent past.
A number of participants said policy should stand ready to respond to unexpected economic weakness.
May's CPI reading was seen by participants as providing additional evidence of progress toward inflation goal.
Participants saw modest further progress toward committee's 2% inflation objective in recent months.
Several noted that unemployment may rise if demand weakens.
Most participants saw current policy stance as restrictive.
Several participants said if inflation were to persist at elevated level or rise further, funds rate might need to be raised.
Several specifically emphasized further demand weakening could generate a larger unemployment response than in recent past.
A number of participants said policy should stand ready to respond to unexpected economic weakness.
May's CPI reading was seen by participants as providing additional evidence of progress toward inflation goal.
Participants saw modest further progress toward committee's 2% inflation objective in recent months.
Several noted that unemployment may rise if demand weakens.