Most Fed officials do not support a rate cut in July
Concerns about inflation from tariffs have led most Fed officials to believe that monetary easing is unlikely this month.
The minutes released on July 9 by the Federal Reserve (Fed) indicate that in last month's meeting, only a few officials saw the possibility of a rate cut happening in July. The majority believe that this would be more appropriate at the end of the year, when the shock from tariffs is assessed as "mild or temporary".
Most remain concerned about inflationary pressures from President Donald Trump's trade policies. There are no signs that any officials support a rate cut of several percentage points as Trump has requested. Some even argue that there is no need to lower rates further at this time.
