On July 10, Federal Reserve staff projected that real GDP growth for 2025 would be higher than previously forecast, and inflation would be lower than previously expected. Participants believed that uncertainty about the economic outlook had diminished due to announced and anticipated tariff reductions, but overall uncertainty remained at a high level. Most officials believed that tariffs could lead to sustained inflation risks. (Golden Ten) [BlockBeats]

The recently released minutes of the Federal Reserve's June meeting revealed that participants noted that maintaining a tighter monetary policy stance would be appropriate if tariffs led to higher-than-expected inflation that persisted longer than expected, or if medium- or long-term inflation expectations rose significantly, especially with stable labor market conditions and economic activity. However, if labor market conditions or economic activity weakened substantially, or if inflation continued to decline and inflation expectations remained well-anchored, it would be appropriate to establish a less restrictive monetary policy stance. Participants noted that the Committee could face difficult trade-offs if high inflation proved more persistent while the employment outlook weakened. [Odaily Planet Daily]

Federal Reserve meeting minutes: Maintaining a stricter monetary policy stance would be appropriate if tariffs cause inflation to be higher than expected

On July 10 (UTC+8), institutional analysis pointed out that the Federal Reserve meeting minutes showed that officials expressed constructive opinions on the economy at the June meeting and were relieved about the outlook, as the trade war seemed to be cooling down compared to the impact of the high tariffs of "Liberation Day" announced in April. The meeting minutes stated: "Participants agreed that the risks of rising inflation and weakening labor market conditions have decreased but remain high, citing the lower expected path of tariffs, encouraging recent inflation and inflation expectations data, the resilience of consumer and business spending, and improvements in some consumer or business confidence indicators." However, as of this week, the tariff increase on August 1 has become a foregone conclusion, which may make the Federal Reserve hesitant at the meeting later this month. (Source: Jinshi) [MetaEra]

Institutions: New Tariffs on August 1st May Put Pressure on the Federal Reserve

July 10th: The latest released minutes of the June meeting of the Federal Reserve showed that participants noted the stability of long-term inflation expectations and emphasized the importance of maintaining stability. Several participants commented that short-term inflation expectations had risen, a development that could spill over into long-term expectations or affect price and wage setting in the near term. While a few participants pointed out that tariffs would lead to a one-time price increase without affecting long-term inflation expectations, most participants indicated that tariffs could have a more persistent effect on inflation. Some participants emphasized that this sustained effect could also influence inflation expectations. Some participants noted that as inflation has risen for some time, if inflation continues to rise, the risk of losing control of long-term inflation expectations would increase. (Jin10) [BlockBeats News]

Fed Meeting Minutes: Most Participants Believe Tariffs Could Have a More Persistent Impact on Inflation

On July 10, the latest released minutes of the Federal Reserve's June meeting showed that participants pointed out that long-term inflation expectations are stable, and maintaining stability is very important. Several participants commented that short-term inflation expectations have risen, and this development has the potential to spill over into long-term expectations or affect price and wage setting in the short term. While a few participants noted that tariffs would lead to a one-time increase in prices and would not affect long-term inflation expectations, most participants noted that tariffs could have a more lasting impact on inflation, and some participants stressed that this sustained impact could also affect inflation expectations. Some participants pointed out that because inflation has been rising for some time, the risk of long-term inflation expectations getting out of control increases if inflation continues to rise. (Golden Ten) [BlockBeats]

Federal Reserve Meeting Minutes: Most participants believed that tariffs could have a more lasting impact on inflation

On July 10, the latest released minutes of the Federal Reserve's June meeting showed that participants pointed out that long-term inflation expectations are stable, and maintaining stability is very important. Several participants commented that short-term inflation expectations have risen, and this development has the potential to spill over into long-term expectations or affect price and wage setting in the short term. While a few participants noted that tariffs would lead to a one-time increase in prices and would not affect long-term inflation expectations, most participants noted that tariffs could have a more lasting impact on inflation, and some participants stressed that this sustained impact could also affect inflation expectations. Some participants pointed out that because inflation has been rising for some time, the risk of long-term inflation expectations getting out of control increases if inflation continues to rise. (Golden Ten) [BlockBeats]

On July 10 (UTC+8), the Federal Reserve released the minutes of its June monetary policy meeting, reviewing recent financial market and economic conditions. The meeting noted that although inflation has eased in recent months, it remains above the long-term target of 2%, and short-term inflation expectations are high. Participants believed that economic growth was robust, the unemployment rate remained low, and consumption and investment data were generally stable, but the potential impact of trade policy uncertainty, geopolitical risks, and tariff increases remained a major risk. (Source: Mlion.ai) [MetaEra]

Minutes of Fed's June meeting: Inflation remains above target, economic risks remain

On July 10, Federal Reserve staff projected that real GDP growth for 2025 would be higher than previously forecast, and inflation would be lower than previously expected. Participants believed that uncertainty about the economic outlook had diminished due to announced and anticipated tariff reductions, but overall uncertainty remained at a high level. Most officials believed that tariffs could lead to sustained inflationary risks. (Golden Ten) [BlockBeats]

Federal Reserve Meeting Minutes: Most officials believe tariffs could lead to sustained inflation risks

Federal Reserve meeting minutes: Most officials believe tariffs could lead to persistent inflation risks

7月10日，美联储工作人员预计2025年实际GDP增长将高于此前预测，而通胀率则会低于先前预期。 与会者认为，由于已宣布和预期中的关税减免，经济前景的不确定性有所降低，但整体不确定性仍处于较高水平。大多数官员认为关税可能导致持续的通胀风险。（Golden Ten） [BlockBeats]

美联储会议纪要：多数官员认为关税可能导致持续的通胀风险

7月10日，美聯儲工作人員預計2025年實際GDP增長將高於此前預測，而通脹率則會低於先前預期。 與會者認爲，由於已宣佈和預期中的關稅減免，經濟前景的不確定性有所降低，但整體不確定性仍處於較高水平。大多數官員認爲關稅可能導致持續的通脹風險。（Golden Ten） [BlockBeats]