References that include “MANY PARTICIPANTS”
- Many participants commented that a better balance between labor demand and supply contributed to reducing nominal wage pressures.
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Many participants commented that the ongoing increase in productivity growth would support disinflation if sustained, although the outlook for productivity growth is seen as uncertain.
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Many participants noted signs that the finances of low- and moderate-income households are increasingly under pressure, which these participants saw as a downside risk to their spending outlook.
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Many participants commented that the public appears to have a good understanding of the Board’s data-driven approach to monetary policy formulation and its commitment to achieving the dual-mandate objectives of maximum employment and price stability.
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Many participants noted that over the past year, labor supply has been boosted by increased labor force participation rates as well as immigration.
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Many participants commented on their uncertainty about the degree of restrictiveness of the policy.
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Many participants noted that a better balance between labor demand and supply contributed to reducing nominal wage pressures.
References involving MULTIPLE PARTICIPANTS
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Several participants commented that aggregate demand growth will likely need to slow from the strong pace in recent quarters for inflation to sustainably move toward the Committee’s target.
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Several participants said that core non-residential price inflation could continue to fall as wage growth slows further with a better balance between labor demand and supply, supported by higher labor force participation and strong immigration flows.
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Several participants commented that increased efficiency and technological innovation could increase productivity growth on a sustainable basis, which could allow the economy to grow faster without increasing inflation.
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Several participants commented that aggregate demand growth will likely need to slow from the strong pace in recent quarters for inflation to sustainably move toward the Committee’s target.
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Several participants commented that the existing cap on agency debt and agency MBS buybacks was unlikely to be binding at any point in the coming years, but the decision to reinvest all principal payments above that cap in Treasury securities was consistent with the longer-term intention of the Board to have a portfolio consisting primarily of treasury securities.
References that include “SEVERAL PARTICIPANTS”
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Several participants noted that unusually large seasonal patterns may have contributed to the large increase in PCE inflation in January.
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Several participants noted that government spending supports business expansion in their districts.
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Several participants commented that higher productivity growth could be sustained by incorporating technologies such as artificial intelligence into existing business operations or by high rates of new business creation in the technology sector.
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Several participants noted that government spending supports business expansion in their districts.
References that include “PAR”
- Several participants noted that financial conditions looked favorable for wealthier households, which account for a large share of total spending, with large gains in wealth resulting from recent increases in stock and house prices.
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Several participants noted that negotiated compensation agreements have increased wage pressures in their districts.
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Several participants noted that negotiated compensation agreements have increased wage pressures in their districts.