CNBC: Fed internal disagreements on rate cuts intensify
CNBC July 9 report: The latest Federal Reserve meeting minutes showed that most officials expect rate cuts this year to be appropriate, but there are serious differences on the number of rate cuts, with some supporting the earliest possible rate cut in July, while others believe it is appropriate not to cut rates this year; the June meeting unanimously kept the benchmark interest rate at 4.25%-4.5% unchanged, but officials remain cautious about the inflationary pressure caused by tariffs, believing it may be "temporary and moderate," while economic data has been mixed: the Consumer Price Index rose only 0.1% in May, and the non-farm payroll increased unexpectedly by 147,000 in June, far exceeding the expected 110,000, with the unemployment rate dropping to 4.1%, but personal spending fell by 0.1% in May, and retail sales dropped by 0.9%; Federal Reserve Governor Michelle Bowman and Christopher Waller publicly stated that if inflation is under control, a rate cut may be possible as early as the July 29-30 meeting, while "several" officials believe the current rate is close to the neutral level and only a small adjustment is needed. Chairman Jerome Powell emphasized that the policy positioning is good, not influenced by political pressure, and maintains a cautious stance to address inflation uncertainty.
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