Summary
- FOMC members emphasized the need for cautious monetary policy due to increased uncertainty in the economic outlook.
- The members suggested the possibility of having to choose whether to cut rates if inflation persists and employment worsens.
- The Fed's monetary policy decision depends on the priority between price stability and economic recovery.
According to the minutes of the Federal Open Market Committee (FOMC) released by the Federal Reserve (Fed) on the 28th (local time), FOMC members agreed that uncertainty about the economic outlook has increased and that cautious monetary policy is necessary.
The members foresaw that if inflation persists and employment deteriorates, the Fed may need to choose between maintaining a tightening stance for price stability or implementing a rate cut for economic and employment recovery.
JH Kim
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