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The quarterly report gives clues about how members of the Federal Open Market Committee see the economy and what future steps they might take.
Dissent on interest rate decisions might send mixed messages to Wall Street about where the economy is headed.
The intensity of a coming economic slowdown will depend on how much banks tighten credit conditions, says Austan Goolsbee.
Fed watchers pore over the document in minute detail in search of clues about future rate hikes.
"A look at the record shows that the Fed often stumbles in its efforts to save the day," says Ben White, chief economic correspondent at Politico.
The central bank raised its inflation forecast to 3.4% by year-end and expects to hike its benchmark interest rate twice by late 2023.
“This downturn has not felt like a normal downturn for the whole economy because of fiscal relief,” says Robert Kaplan.
Social distancing and wearing masks will help get the economy back to full strength, Powell said Thursday.
What do ongoing low interest rates mean for consumer saving and spending, and businesses seeking help with debt?
The central bank's board of governors is designed with checks and balances, so one member's influence would be limited.