The US Federal Reserve officials are keeping a close eye on inflation, with some indicating they would be willing to raise interest rates further if necessary. The minutes of the May 1 Federal Open Market Committee meeting revealed that there is a willingness among participants to tighten policy should inflation risks escalate.
Despite concerns about inflation persisting in the economy, the Fed decided to keep interest rates at a range of 5.25 per cent to 5.5 per cent at the meeting. The decision was supported unanimously by the voting members of the FOMC. The central bank officials discussed the possibility of maintaining a restrictive policy stance for a longer period if inflation does not move towards the 2 per cent target.
Following the release of the minutes, markets are still pricing in one to two rate cuts by the end of 2024, with the S&P 500 sliding 0.6 per cent lower. President Joe Biden’s handling of the economy has faced disapproval from US voters, despite a strong stock market and labor market.
Republican Donald Trump, Biden’s rival in the upcoming election, has been critical of the higher cost of living and has made it a focal point of his campaign. However, recent consumer price index figures for April showed weaker price pressures than expected, providing some relief.
The Fed is closely monitoring the headline personal consumption expenditures inflation data for April, which is expected to be released next Friday. The outcome of this data will be crucial in determining the future course of action for the central bank.
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