Posted by FB (99..201.63) on October 09, 2024 at 13:08:22:
In Reply to: FOMC Today 20241009 posted by FB on October 09, 2024 at 06:34:16:
FOMC MINUTES HIGHLIGHTS: MAJORITY BACK 50 BP RATE CUT
RATE CUT DECISIONS:
—Substantial majority supported a 50 basis-point rate cut.
—Some officials preferred a 25 basis-point cut for a gradual approach.
—All participants agreed on lowering interest rates.
RISK ASSESSMENT:
—Upside risks to inflation seen as diminished.
—Downside risks to employment noted to have increased.
ECONOMIC OUTLOOK:
—Economic growth forecast for late 2024 marked down.
—Softer labor market data contributed to the downward revision.
BALANCE SHEET:
—Agreed that balance sheet reduction could continue for some time.
ADDITIONAL INSIGHTS:
—Emphasized that decisions are conditional on economic developments.
—Focus on risks and data-driven decisions, not a preset course.