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Most Fed officials see rate cuts coming, but opinions vary widely on how many, minutes show

UNITED STATES, JUL 9 – Federal Reserve officials expect multiple interest rate cuts in 2025 amid slowing consumer spending and tariff-related inflation risks, with a median forecast of two cuts this year.

  • On Wednesday, the Federal Reserve released June meeting minutes showing a unanimous hold at 4.25%-4.5% and a majority expecting rate cuts in 2025.
  • Federal Reserve officials cite moderating job growth, weakening consumer spending, and temporary, modest tariff-related inflation as key factors behind their decision to hold rates steady since December 2024.
  • Minutes show Fed officials are divided on the timing and number of rate cuts, citing mixed economic signals like strong job gains and declining retail sales.
  • Following the minutes, markets price in rate cuts in September and December, with investors expecting an initial cut in September.
  • Federal Reserve projections foresee two rate cuts in 2025 and three more over the next few years amid ongoing economic uncertainty.
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Lean Right

The Mexican peso pressed again after the minutes of the last meeting of the Federal Reserve (Fed), which showed divergence among the participants on the course that monetary policy would have to take. As a result, the Mexican currency was placed at 18,6284 pesos per dollar, a level that recorded a depreciation of 0.18 percent or 3.41 cents, according to the figures reported by the Bank of Mexico (Banxico). According to Gabriela Siller, director …

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Lean Left

US central bankers are beginning to diverge on policy, according to a report of their discussions published on Wednesday: some are ready to lower interest rates, others fear the impact of customs duties on inflation.

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Fortune broke the news in New York, United States on Wednesday, July 9, 2025.
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