Federal Reserve Meeting Minutes: Tariffs on Goods Prices Pose Upward Inflationary Pressure

BlockBeats News, August 21st: The Federal Reserve released the minutes of the July meeting, which mentioned that the actual GDP growth in the first half of the year was moderate. The unemployment rate continues to remain low, and consumer price inflation remains relatively high. The slowdown in inflation seems to have stalled, with tariffs putting upward pressure on goods price inflation.

After net exports significantly dragged GDP growth in the first quarter, their contribution turned sharply positive in the second quarter. The actual import of goods and services decreased substantially, which may be due to a large amount of early imports in response to the anticipated tariff increase in the first quarter. In contrast, the decline in goods exports was relatively mild, while service exports further increased. (FX168)