Fed members back gradual rate cuts should economy evolve as expected: Fed Minutes
nvesting.com – Fed members continued to support rate cuts should economic data come in as expected, but many Fed members expressed that uncertainty over neutral rate warrants a gradual approach to monetary policy easing, according to the minutes of the Federal Reserve’s Nov. 6-7 meeting, released Tuesday.
At the conclusion of its previous meeting on Nov. 7, the Federal Open Market Committee, or FOMC, reduce its benchmark rate by 25 basis points to a range of 4.5% to 4.75%. Following the meeting, a slew of positive economic data including a hotter-than-expected September inflation report and an upbeat October retail sales report.
There remained uncertainty on where rates could ultimately end up, or the neutral rate, which neither stimulus nor drags on economic growth.
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