Group: “Some”
- “Some participants remarked that although increases in housing services prices remained somewhat elevated, they continued to expect that these increases would slow.”
- “Some participants observed that, with supply and demand in the labor market being roughly in balance and in light of recent productivity gains, wage increases were unlikely to be a source of inflationary pressure in the near future.”
- “Some participants reported that businesses were becoming more selective in hiring as they faced larger pools of more qualified job applicants.”
- “Some participants observed that the evaluation of underlying trends in labor market developments had continued to be challenging.”
- “Some participants judged that downside risks to economic activity or the labor market had diminished.”
- “Some participants highlighted more durable factors, such as new business formation and investment.”
- “Some participants commented on cyber risks that could impair the operation of financial institutions.”
- “Some participants remarked that, at a future meeting, there would be value in the Committee considering a technical adjustment to the rate offered at the ON RRP facility.”
Group: “Many”
- “Many participants noted that the slowing in these components of core inflation corroborated reports received from their business contacts.”
- “Many participants observed that uncertainties concerning the level of the neutral rate of interest complicated the assessment of the degree of restrictiveness of monetary policy.”
- “Many participants discussed vulnerabilities associated with CRE exposures, focusing on risks in the office sector.”
- “Many participants noted the volatility of recent economic data and highlighted the importance of focusing on underlying economic trends.”
Group: “Most”
- “Most advanced foreign economies (AFEs), with the exception of Australia and the U.K., saw policy rate expectations for the year-end decline.”
- “Most of them reported no change in lending standards for auto loans.”
Group: “A Few”
- “A few participants remarked that insofar as recent robust increases in real GDP reflected favorable supply developments, the strength of economic activity was unlikely to be a source of upward inflation pressures.”
- “A few participants remarked that there was considerable uncertainty about the durability of recent rates of increase in productivity.”
- “A few participants noted concerns about asset valuation pressures in other markets.”
- “A few participants cited business contacts who were using attrition, instead of layoffs, to manage the size of their workforce.”
- “A few participants discussed vulnerabilities posed by the growth of private credit and potential links to banks and other financial institutions.”
Group: “Almost All”
- “Almost all participants judged that the risks to achieving the Committee’s employment and inflation goals were roughly in balance.”
- “Almost all participants judged that, though month-to-month movements would remain volatile, incoming data generally remained consistent with inflation returning sustainably to 2 percent.”
Group: “Roughly”
- “Roughly two-thirds of respondents expected an end to runoff in either the first or the second quarter of 2025.”
Group: “A Large Majority”
- “A large majority of respondents had a modal expectation of a 25 basis point cut at this meeting and another 25 basis point cut at the December meeting.”
Group: “Several”
- “Several participants noted that nominal wage growth had continued to move down.”
- “Several participants remarked that the agricultural sector continued to face significant strains due to low crop prices and high input costs.”
- “Several participants indicated that their District contacts reported larger corporations as having a generally more optimistic outlook than smaller businesses.”
This article was written by Greg Michalowski at www.forexlive.com. Source