"Fed's mouthpiece": Minutes show the Fed is split into three camps

PANews reported on July 10 that according to Jinshi, "Federal Reserve mouthpiece" Nick Timiraos said that the Fed meeting minutes revealed something we already knew, and officials (on the interest rate path) were divided into three main camps: ① rate cuts within the year but excluding July (mainstream camp), ② no action for the whole year, and ③ advocating immediate action at the next meeting (the minutes showed that only "a few" participants supported it, implying that Fed Governors Waller and Bowman). The minutes also pointed out that "several participants said that the current target range for the federal funds rate may not be much higher than the neutral level." In other words, unless the economy slows down significantly, even if the interest rate cuts are restarted, the room for subsequent interest rate cuts will be very limited.