#美联储7月会议纪要 The Federal Reserve's July meeting minutes show that most officials support keeping the benchmark interest rate unchanged, with only two officials advocating for a rate cut. The main points of the minutes are as follows:
Interest Rate Decision
Almost all participants believe that maintaining the benchmark interest rate at 4.25%-4.50% is appropriate.
Federal Reserve Vice Chair Bowman and Governor Waller advocate for a 25 basis point rate cut to guard against deterioration in the labor market.
Economic Outlook
Most officials believe that inflation risks remain, and they expect inflation to rise in the short term.
Some officials believe that tariffs may lead to a one-time increase in prices, while others are concerned that supply chain disruptions could cause stubbornly high inflation.
The supply and demand situation in the labor market continues to trend towards balance, but the unemployment rate has risen and the monthly growth rate of job openings has slowed.
Financial Stability
Some officials are concerned about high asset valuation pressures.
The meeting discussed issues related to stablecoins, emphasizing their potential impact on the banking sector, financial system, and implementation of monetary policy.
Future Policy Direction
The vast majority of participants believe that if data continues to meet expectations, a rate cut in September may be appropriate.
Almost all participants stated that more information is needed to enhance confidence in a decline in inflation before a rate cut.