Members of the US Federal Reserve’s rate-setting committee said last month that the bank’s employment and inflation goals were moving into better balance. — AFP picWASHINGTON, July 4 — Members of the US Federal Reserve’s rate-setting committee said last month that the bank’s employment and inflation goals were moving into “better balance”, with some calling for “patience” on interest rate cuts, according to minutes of the meeting published yesterday.
It has brought inflation back down to an annual rate of below three per cent, while growth has remained positive and the unemployment rate has stayed at near-record lows. “Some participants emphasised the need for patience in allowing the Committee’s restrictive policy stance to restrain aggregate demand and further moderate inflation pressures,” the Fed’s minutes show.