policy meeting

There were also signs that wage growth would not ease in the coming months as much as the bank had forecast, according to the minutes of this week’s policy meeting.

The next policy meeting is in early August.

The Fed, which is scheduled to hold its next policy meeting next week, has maintained it doesn’t plan to cut interest rates until it has greater confidence that price increases are slowing sustainably to its 2% target.

Fed Chair Jerome Powell has said the bank expects to cut rates this year from the current benchmark level of 5.25%-5.5%, but no change is expected at the Fed’s next policy meeting on June 11-12.

The weakness began after the Federal Reserve on Wednesday released the minutes from its last policy meeting.