Fed Takes a Calmer Stance on Rate Hikes in 2019

US Dollar Steadies as May FOMC Minutes Detail

Federal Reserve unlikely to raise rates in 2019

A number of Fed policymakers in recent weeks have said the Fed need not rush any changes in its rate policy.

Persistent low inflation is one of "many risks" to the USA economic outlook but that does not mean an interest rate cut is likely any time soon, a Federal Reserve official said Wednesday.

US trade tensions with China combined with other pressing global issues like Brexit have given committee members concern over whether global growth is sustainable.

The Fed released the minutes from the May 1-2 FOMC meeting on May 20. "In light of global economic and financial developments as well as muted inflation pressures, participants generally agreed that a patient approach to determining future adjustments to the target range for the federal funds rate remained appropriate".

Earlier Kaplan also said US bond markets are "flirting" with a yield curve inversion that could signal slower economic growth ahead.

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They concluded that they should keep the rate unchanged while closely monitoring economic indicators even if the global economy and stock markets started to pick up.

The minutes also revealed a split among the officials about the outlook for inflation, which has stubbornly remained below the Fed's two percent target despite a strong economy and low unemployment rate.

'Other sources of uncertainty remained.

But the Fed minutes show that many participants thought the slowing pace of inflation was only temporary, due to factors including a decline in the price of clothing.

The United States' central bank Federal Reserve could cut interest rates if inflation continues to remain uncontrolled, according to the President of the Federal Reserve Bank of St. Louis, James Bullard.

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"There are many risks to the outlook, one is that inflation might get stuck where it is today", he said.

The Federal Reserve officials voted in April to leave interest rates in the range of 2.25-2.5%.

The minutes showed the Fed delving deep into the mechanics of how they could best structure their holdings of several trillion dollars of securities to battle a future economic downturn.

At that point, with USA growth continuing, inflation "muted", and some global risks appearing to have eased, "members observed that a patient approach.would likely remain appropriate for some time.even if global economic and financial conditions continued to improve".

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