Minutes from the Federal Open Market Committee Meeting
Market Trends and Economic Outlook
The manager began by summarizing significant market trends observed since the last meeting. According to the Open Market Desk Survey of Market Expectations, participants continued to view the economy as robust, leading them to revise their projections for real GDP growth in 2026 upward. In contrast, their outlooks for overall personal consumption expenditures (PCE) inflation and the unemployment rate remained largely unchanged. Similarly, both market-based and survey-based expectations for policy rates showed minimal movement. Market indicators suggested the possibility of one or two reductions of 25 basis points in policy rates.
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