Fed meeting minutes: Uncertainty increases, need to "proceed with caution" in rate cuts

Odaily News Respondents to the Fed survey believe that the balance sheet reduction process will end in mid-2025, slightly later than previously expected, and the Fed staff's economic outlook remains largely unchanged from the outlook provided at the December meeting. In preliminary discussions on the framework review, policymakers expressed openness to modifying elements introduced in the 2020 document. In addition, Fed officials believe that with increased uncertainty, "caution" is needed in cutting interest rates. (Jinshi)