Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts

Federal Reserve officials at their most recent meeting welcomed recent signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling. Both trends, if they continued, will likely lead the Fed to cut its benchmark interest rate in the coming months from its 23-year peak. The minutes of the Fed’s June 11-12 meeting showed that the policymakers saw several factors that could further ease inflation in the coming months. These factors included the slower growth of wages, which reduces pressure on companies to raise prices to cover their labor costs.