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On August 20, local time, the Federal Reserve unveiled the minutes from the Federal Open Market Committee (FOMC) meeting held between July 29 and 30. The minutes revealed a consensus among Fed officials to keep the target range for the federal funds rate unchanged at 4.25% to 4.5%. Despite fluctuations in net exports, members acknowledged a deceleration in economic growth during the first half of the year, coupled with persistent, albeit moderating, inflation. The economic outlook remained shrouded in high uncertainty. Given these conditions, the majority of FOMC members favored maintaining the current interest rate stance. Notably, however, Vice Chair Michelle Bowman and Governor Christopher Waller dissented, advocating for a 25-basis-point rate reduction to alleviate pressures on the job market.
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