00:00The minutes from the Federal Reserve's June 17-18 policy meetings are expected on Wednesday to show a divided central bank wrestling with the expected economy impact of rising U.S. import taxes and reluctant to commit to interest rate cuts until it is clearer how much the Trump administration's tariff increases will add to inflation.
00:19Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman, both appointed by President Donald Trump during his first term in the White House, have said they consider cutting the benchmark policy rate as soon as the central bank's July 29-30 meeting.
00:36The minutes of June session, due to be released at 2pm Wednesday U.S. time, should indicate whether other policymakers shared their view that the price impacts of tariffs will likely be short-lived, what underpinned the outlook of the seven Fed officials who don't see lower rates at all in 2025, and whether there were serious concerns about the strength of the job market.
01:01The Fed last month held its policy rate steady at 4.25% to 4.50% range that it has maintained since December.
01:11Issued three weeks after each meeting, the minutes are always backward-looking and in this case cover a debate that was held before the release last week of the unexpectedly strong U.S. employment report for June and also before Trump's latest threat to impose levies as of August 1st on many countries, including 25% on imports from major trading partners like Japan and South Korea.
01:36Meanwhile, U.S. President Donald Trump on Tuesday said that Federal Reserve Chair Jerome Powell should resign immediately.
01:43Jerome Powell, who you've been pressuring to lower interest rates, he's facing accusations of lying to Congress, which is a potential crime about the...
01:50Well, then he should resign immediately. We should get somebody in there that's got a lower interest rate.
01:55Why don't you call for his resignation?
01:58Do you want congressional Republicans to investigate and pursue...
02:01It's okay with me. I think he's terrible. I think... Look, we're paying... I call him too late.
02:06T-O-O. Too late. Like two tall germs for the Dallas Cowboys, right?
02:10Too late.
02:12He's always late.
02:13But he wasn't late with Biden before the election. He was cutting him like crazy. It didn't help too much, did it?
02:18But he was cutting him like crazy before the election with Kamala.
02:22And Biden, he was trying to get them in, I guess. I don't know. He was recommended by somebody that worked for me.
02:28And I like you better.
02:30Goodbye.
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