Federal Reserve officials thought that US inflation was cooling but still needed “greater confidence” before they agreed to cut interest rates from their 23-year high, according to minutes of their most recent meeting.
“Participants suggested that a number of developments in the product and labour market supported their judgment that price pressures were diminishing,” said the minutes from the June meeting, published on Wednesday.
Some rate-setters also noted that retailers were now offering price cuts in the face of weakening consumer demand.
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