Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battle, citing the issue multiple times during discussions at the central bank’s July meeting.
Members spoke of trade on multiple occasions, saying it was one of the chief headwinds for the economy, according to meeting minutes released Wednesday.
Tariffs and generally slower economic conditions combined “could have significant negative effects on the U.S. economy” while a softness in business investment was “pointing to the possibility of a more substantial slowing in economic growth than the staff projected.”
Members “generally saw uncertainty surrounding trade policy and concerns about global growth continuing to weigh on business confidence and firms’ capital expenditure plans,” the minutes said.
Outside of the challenges from trade and the global slowdown, Fed officials saw economic growth as generally solid, with data that has been “largely positive” and an economy that “had been resilient in the face of ongoing global developments.”
Source: CNBC
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