Fed meeting minutes: Almost all members agreed to cut interest rates by 25 basis points

Techub News, according to JIN10 data, the Federal Reserve meeting minutes mentioned that participants unanimously agreed that recent indicators suggest the growth of economic activity has slowed in the first half of this year. To reflect the latest developments in the labor market, they agreed to no longer describe labor market conditions as "solid" but instead state that job growth has slowed, and the unemployment rate has edged up but remains low. Participants unanimously agreed that inflation remains somewhat elevated and consented to add that inflation has increased. They agreed that the Committee should focus on risks to both sides of its "dual mandate" and added that downside risks to employment have increased to reflect their concerns about the labor market. To support the Committee's goals and considering the changes in the balance of risks, almost all members agreed to lower the target range for the federal funds rate by 25 basis points to 4%-4.25%. One member voted against this decision, advocating for a 50 basis point rate cut.