June 11–12 · Published July 3, 2024
Statement·Presser·Minutes·Policy
Jerome H. Powell
June 11–12, 2024 FOMC Minutes
Our reading
The minutes are consistent with the statement because both documents reflect the same key decisions and assessments: maintaining the federal funds rate at 5-1/4 to 5-1/2 percent, acknowledging modest progress on inflation, and emphasizing that rate cuts will only occur once there is greater confidence that inflation is moving sustainably toward 2 percent.
Our reading compares the minutes of the June 11–12 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Thomas I. Barkin
- Michael S. Barr
- Raphael W. Bostic
- Michelle W. Bowman
- Lisa D. Cook
- Mary C. Daly
- Philip N. Jefferson
- Adriana D. Kugler
- Loretta J. Mester
- Jerome H. Powell
- Christopher J. Waller
- John C. Williams
From the minutes
FOMC minutes
Voting for this action: Jerome H. Powell, John C. Williams, Thomas I. Barkin, Michael S. Barr, Raphael W. Bostic, Michelle W. Bowman, Lisa D. Cook, Mary C. Daly, Philip N. Jefferson, Adriana D. Kugler, Loretta J. Mester, and Christopher J. Waller.
Voting against this action: None.
Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 5.4 percent, effective June 13, 2024. The Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 5.5 percent, effective June 13, 2024.
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, July 30–31, 2024. The meeting adjourned at 10:55 a.m. on June 12, 2024.
What changed from the previous meeting’s minutes
- Participants noted modest further progress toward 2 percent inflation, replacing lack of progress.
- Statement changed from "lack of further progress" to "modest further progress" on inflation.
- Balance sheet runoff continued at reduced caps, with no new policy action on caps.
- Participants flagged risk of unanchoring longer-term inflation expectations, not mentioned previously.
- Some participants suggested establishment survey may have overstated job gains.
- Several participants noted labor market normalization could lead to larger unemployment response to demand weakening.
Summary generated automatically from the two documents.