Federal Reserve releases minutes from its July meeting
The Federal Open Market Committee held short-term interest rates near zero, citing an economy "well below" its pre-pandemic levelsAt the July 28-29 session, the Federal Reserve's policymaking arm voted to keep short-term interest rates anchored near zero, citing an economy that was falling short of its pre-pandemic levels.
Officials at the meeting "agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term." Because of how much impact the virus will have on the economy, FOMC members asid they expect to hold the current overnight borrowing rate to a range of 0%-0.25% until they're "confident that the economy had weathered recent events and was on track to achieve the Committee's maximum employment and price stability goals."
In addition to looking for the reasons behind the policy decisions investors will be focused on any clues about enhanced "forward guidance," or the parameters for future rate action, and the possibility of using bond purchases to control government bond yields.
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