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Fed Members See Further Rate Hikes Despite Trade Tariff Concerns

Thursday, Jul 05 2018
Fed Members See Further Rate Hikes Despite Trade Tariff Concerns

Federal Reserve policymakers supported further increases in interest rates as the pace of U.S. economic growth continued "above trend," but concerns grew over the impact of trade tensions on business sentiment, according to the minutes of the Fed's June meeting. "Participants generally expected that further gradual increases in the target range for the federal funds rate would be consistent with solid expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective over the medium term," the Fed said in the minutes.

The Fed's case to continue tightening monetary policy was strengthened by a continued uptick in inflation and a solid labor market, despite concerns about the impact of rising trade tensions on spending and business sentiment. "Most participants noted that uncertainty and risks associated with trade policy had intensified and were concerned that such uncertainty and risks eventually could have negative effects on business sentiment and investment spending," the Fed said. The minutes also showed that Fed policymakers expected that "inflation was on a trajectory to achieve the Committee's symmetric 2 percent objective on a sustained basis."

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