FOMC meeting minutes: vast majority saw the growth gradually cooling

The FOMC meeting minutes have been released from the June meeting:

Vast majority of participants at Fed’s June 11-12 meeting assessed U.S. economic growth appeared to be gradually cooling, minutes show
Most participants saw current policy stance as restrictive
A number of participants said policy should stand ready to respond to unexpected economic weakness
Several specifically emphasized further demand weakening could generate a larger unemployment response than in recent past
Several participants said if inflation were to persist at elevated level or rise further, funds rate might need to be raised
Participants saw ‘modest further progress’ toward committee’s 2% inflation objective in recent months
May’s CPI reading was seen by participants as providing additional evidence of progress toward inflation goal
Participants suggested a number of developments in product and labor markets supported their judgment that price pressures were diminishing
Fed staff economic projection similar to that of previous policy meeting
Participants saw ‘modest further progress’ toward committee’s 2% inflation objective in recent months
Several participants said if inflation were to persist at elevated level or rise further, funds rate might need to be raised
May’s CPI reading was seen by participants as providing additional evidence of progress toward inflation goal
Participants suggested a number of developments in product and labor markets supported their judgment that price pressures were diminishing
Fed staff economic projection similar to that of previous policy meeting