Here are key takeaways from minutes of the Federal Reserve's July 25-26 meeting, released Wednesday:
- Fed signals it's likely not finished raising interest rates with this key quote: “Most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy”
- Minutes don't give a definitive steer on the next rate decision in September, saying future moves “should depend on the totality” of incoming information and its implications for the outlook
- While the Federal Open Market Committee's 11 voting members unanimously voted to raise interest rates by a quarter point to a 22-year high, the support wasn't unanimous among the broader panel of about 18 officials, as two favored leaving rates unchanged or “could have supported such a proposal”
- Fed staff economists expect a “small increase in the unemployment rate” over the next two years even as they scrapped their forecast of a “mild recession,” offering more details than Chair Jerome Powell gave at his July 26 press conference
For Bloomberg's TOPLive blog on the Fed minutes, click here
