Fed Brown Book Details to Boost Confidence in Rate Cuts
Some analysts say July's brown paper could boost the Fed's confidence to cut interest rates at its upcoming meeting. The "modest to moderate" description of economic growth is similar to the May report, but the details show marginal weakness in the economy - including stabilizing input costs, slower wage growth and lower growth expectations. Analysts expect policymakers to begin phasing out policy restrictiveness at the September FOMC meeting, and these developments should give them comfort.
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