FOMC Minutes July

• Almost all participants agreed to maintain the target range for the federal funds rate at 5 to 5-1/4 percent.• The participants saw the decision to keep the target range unchanged as appropriate or acceptable.
• Many participants believed that maintaining the target range would give them additional time to evaluate the economy’s progress.
• The evaluation of the economy’s progress was specifically focused on the Committee’s goals of maximum employment and price stability.
• Almost all participants included in their economic projections the expectation of further increases in the target federal funds rate in 2023.
• Participants recognized that there was uncertainty surrounding the economic outlook and inflation.
• They acknowledged that this elevated uncertainty made additional information valuable for determining the appropriate monetary policy stance.
• The participants emphasized the importance of considering this additional information before making any decisions regarding the stance of monetary policy.
• Almost all participants highlighted the presence of upside risks to the inflation outlook due to inflation remaining above the Committee’s longer-run goal and a tight labor market.
• They also acknowledged the possibility that persistently high inflation might lead to unanchored inflation expectations, which further influenced the policy outlook.
• Some participants noted that although economic activity had shown resilience and the labor market remained strong, there were still downside risks to economic growth and upside risks to unemployment.
• Participants expressed the need to monitor developments in the banking sector as there were concerns about the potential tightening of credit conditions and its impact on economic activity.
• Additionally, some participants raised concerns about the potential risks associated with weakness in commercial real estate.

Basically, a Nothing Burger, The FED remainsDATA DEPENDENT