Fed minutes: ‘Caution’ needed on rate cuts as uncertainty grows

Respondents to the Fed survey believed that the tapering process would end by mid-2025, slightly later than previously expected, and the Fed staff's economic outlook remained largely unchanged from that provided at the December meeting. In preliminary discussions of the framework review, policymakers expressed openness to modifying the elements introduced in the 2020 paper. In addition, Fed officials argued that uncertainty has increased and that there is a need for ‘caution’ in terms of rate cuts. (GOLDEN TEN)