Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Both companies report earnings on Aug. 8, so the CBS and Viacom boards have set that as a natural deadline to agree to a merger. Price won't be discussed by the companies...Technologyread more
The Food and Drug Administration "stands ready" to start reviewing e-cigarettes amid a teen vaping "epidemic," acting Commissioner Ned Sharpless said Monday in a statement.Health and Scienceread more
The Guggenheim CIO says he had been approached by the White House about possibly joining the Federal Reserve.The Fedread more
Joe Lonsdale says his fellow Palantir co-founder Peter Thiel was "courageous" for speaking out against Alphabet's Google.Technologyread more
Wall Street analysts say it is increasingly possible the Trump administration will try using a stronger weapon in the currency wars than just presidential tweets.Market Insiderread more
WASHINGTON, July 10 (Reuters) - Many U.S. Federal Reserve officials at their last meeting thought more stimulus would be needed soon if risks to the U.S. economy did not let up, and several others leaned in that direction, records from the meeting showed.
In their June 18-19 meeting, which for the first time this year introduced the near-term possibility that the Fed might cut rates, multiple policymakers said rates should come down to "cushion the effects" of a U.S. trade war and to firm up inflation that is failing to meet the central bank's 2%-a-year target, according to the minutes from that meeting released on Wednesday.
But they did not convince all their colleagues.
"Some" policymakers thought "there was not yet a strong case for a rate cut from current levels" and wanted to gather more information before agreeing to a policy that President Donald Trump has demanded and which markets now see as an almost certainty.
The Fed's last meeting came as policymakers anguished over the possibility that the longest economic recovery in U.S. history might be derailed because of slower global growth and a Trump administration trade war with China.
Policymakers held their target interest rate steady in a range of between 2.25% and 2.5% but dropped promises to be "patient" before changing rates.
Only "a couple" participants thought an immediate cut was necessary at the meeting, but all the policymakers "generally agreed" that the downside risks to the economy had "risen materially," according to the meeting records.
After the meeting, China and the United States agreed to resume trade talks and Washington promised no new tariffs. But in recent days Fed Chairman Jerome Powell has said the uncertainties around trade could still be weighing on business confidence and investment, potentially requiring action.
Policymakers also debated the usefulness and risks that might come with potential new tools to control interest rates.
One change, introducing what is known as a standing repurchase facility, would let financial institutions exchange Treasuries for reserves they keep at the central bank and could ease pressures in short-term borrowing markets that the Fed hopes to influence. No decisions were made. (Reporting by Trevor Hunnicutt and Howard Schneider; Editing by Andrea Ricci)