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John Williams, president of the Federal Reserve Bank of New York, is primarily concerned with weakness in the labor market.
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A few officials appeared reluctant to support the central bank's interest rate cut last month, underscoring the tough task ahead for Chair Jerome H. Powell to forge a consensus.
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Minutes from the Federal Open Market Committee's May meeting show policymakers were unnerved by the lack of progress fighting inflation in the first quarter. A number of participants were unsure about how restrictive Fed policy actually is and how long it will need to stay there. Among the downside risks discussed by policymakers were unrealized losses on assets in the banking sector and geopolitical events that could push up commodity prices. The slowing in the pace of the Fed's balance sheet drawdown, or quantitative tightening, had near unanimous support.
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