FOMC meeting minutes for June 2019
- many Fed officials saw stronger rate cut case amid rising risks
- many officials saw more fed accommodation warranted near-term
- many Fed officials in June saw risks weighted to the downside
- no decision taken at June FOMC on standing repo facility
- several officials didn't yet see a strong rate cut case
- a few Fed officials saw rate cut risking financial imbalances
- several officials sought near term cut as cushion for shocks
- many saw inflation expectations inconsistent with 2% goal
- only a couple of Fed policymakers favored cutting interest rates at June meeting
- many participants said growth and inflation risks had shifted notably in the weeks ahead of meeting and were now weighted to the downside
- officials focused on global risks and discussed at some length lower business investment data from the 2nd quarter
The meeting minutes are consistent with the testimony theme from Chair Powell today. The dollar has tilted back to the downside. Gold is higher and trades up $19 on the day now
