A look at the Fed minutes by separating references to groups of “participants”.

Group: “Some”

1. “Some participants remarked that although increases in housing services prices remained somewhat elevated, they continued to expect that these increases would slow.”
2. “Some participants observed that, with supply and demand in the labor market being roughly in balance and in light of recent productivity gains, wage increases were unlikely to be a source of inflationary pressure in the near future.”
3. “Some participants reported that businesses were becoming more selective in hiring as they faced larger pools of more qualified job applicants.”
4. “Some participants observed that the evaluation of underlying trends in labor market developments had continued to be challenging.”
5. “Some participants judged that downside risks to economic activity or the labor market had diminished.”
6. “Some participants highlighted more durable factors, such as new business formation and investment.”
7. “Some participants commented on cyber risks that could impair the operation of financial institutions.”
8. “Some participants remarked that, at a future meeting, there would be value in the Committee considering a technical adjustment to the rate offered at the ON RRP facility.”

Group: “Many”

1. “Many participants noted that the slowing in these components of core inflation corroborated reports received from their business contacts.”
2. “Many participants observed that uncertainties concerning the level of the neutral rate of interest complicated the assessment of the degree of restrictiveness of monetary policy.”
3. “Many participants discussed vulnerabilities associated with CRE exposures, focusing on risks in the office sector.”
4. “Many participants noted the volatility of recent economic data and highlighted the importance of focusing on underlying economic trends.”

Group: “Most”

1. “Most advanced foreign economies (AFEs), with the exception of Australia and the U.K., saw policy rate expectations for the year-end decline.”
2. “Most of them reported no change in lending standards for auto loans.”

Group: “A Few”

1. “A few participants remarked that insofar as recent robust increases in real GDP reflected favorable supply developments, the strength of economic activity was unlikely to be a source of upward inflation pressures.”
2. “A few participants remarked that there was considerable uncertainty about the durability of recent rates of increase in productivity.”
3. “A few participants noted concerns about asset valuation pressures in other markets.”
4. “A few participants cited business contacts who were using attrition, instead of layoffs, to manage the size of their workforce.”
5. “A few participants discussed vulnerabilities posed by the growth of private credit and potential links to banks and other financial institutions.”

Group: “Almost All”

1. “Almost all participants judged that the risks to achieving the Committee’s employment and inflation goals were roughly in balance.”
2. “Almost all participants judged that, though month-to-month movements would remain volatile, incoming data generally remained consistent with inflation returning sustainably to 2 percent.”

Group: “Roughly”

1. “Roughly two-thirds of respondents expected an end to runoff in either the first or the second quarter of 2025.”

Group: “A Large Majority”

1. “A large majority of respondents had a modal expectation of a 25 basis point cut at this meeting and another 25 basis point cut at the December meeting.”

Group: “Several”

1. “Several participants noted that nominal wage growth had continued to move down.”
2. “Several participants remarked that the agricultural sector continued to face significant strains due to low crop prices and high input costs.”
3. “Several participants indicated that their District contacts reported larger corporations as having a generally more optimistic outlook than smaller businesses.”

This article was written by Greg Michalowski at www.forexlive.com.