The meeting minutes released today reveal that “Governors Bowman and Waller preferred to lower the federal funds rate range by a quarter of a percentage point at this meeting.” However, “nearly all participants considered it appropriate to maintain the target rate range at 4.25% to 4.5%,” leading to no change in interest rates, contrary to Donald Trump’s demands. These minutes emerge amid increasing pressure from the White House on Fed Chair Jerome Powell to encourage greater monetary easing by reducing rates. The Fed’s annual symposium begins this Thursday in Jackson Hole, with Powell’s speech on Friday expected to provide insights into monetary policy direction. The next central bank meeting is from September 16 to 17, and analysts forecast a potential rate cut.
