July 30-31 FOMC minutes: No Mention of Further..>

FED: July 30-31 FOMC minutes: No Mention of Further Rate Cuts

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- Several favored maintaining target range in July; couple wanted 50 bps 

cut; most saw 25 bps cut as "recalibration" or "mid-cycle adjustment"

- A few expressed "concerns" that further accomodation could present a 

"risk to financial stability in certain sectors"

- Officials stressed remaining "flexible" due to many risks and absence 

of clarity

- No mention of standing repo facility 

- Ending balance sheet run-off early seen as positive for Fed comms, 

would have little material impact 

- Began discussions on monetary policy framework revisions, including 

inflation make-up strategies; options floated (few participoants) 

include aiming for above-2% inflation target, or adopting a target 

range for inflation 

- Incoming data "had been largely positive," economy was "resilient" 

- "Disappointing" global growth - China and the euro area - trade 

uncertainty, and muted inflation weigh on the outlook