Many, Several, Several, Couple. References to the number of participants in the minutes of the Fed.

References that include “MULTI PARTICIPANTS”

  • Many participants commented that a better balance between labor supply and demand has helped ease the pressure on nominal wages.
  • Many participants commented that continued increases in productivity growth would support disinflation if sustained, although the outlook for productivity growth was considered uncertain.

  • Many participants saw signs that the finances of low- and moderate-income households were increasingly under pressure, which these participants saw as a risk of worsening consumption prospects.

  • Many participants commented that the public appears to have a good understanding of the Committee’s data-driven approach to monetary policy formulation and its commitment to achieving the dual-mandate goals of maximum employment and price stability.

  • Many participants noted that over the past year, labor supply has been boosted by increased labor force participation rates as well as immigration.

  • Many participants commented on their uncertainty about the degree of restrictiveness of the policy.

  • Many participants noted that a better balance between labor supply and demand has helped ease the pressure on nominal wages.

References that include MULTIPLE PARTICIPANTS

  • Several participants commented that aggregate demand growth would likely need to slow from its strong pace in recent quarters for inflation to move sustainably toward the Committee’s target.

  • Several participants said core non-housing price inflation could resume its decline as wage growth slows further with a better balance between labor supply and demand, supported by higher labor force participation and strong immigration flows.

  • Several participants commented that increased efficiency and technological innovation could raise productivity growth on a sustained basis, which could allow the economy to grow faster without raising inflation.

  • Several participants commented that aggregate demand growth would likely need to slow from its strong pace in recent quarters for inflation to move sustainably toward the Committee’s target.

  • Several participants commented that the existing cap on repurchases of agency debt and agency MBS is unlikely to be binding at any point in the coming years, but the decision to reinvest all principal payments above that cap in securities of the Treasury is consistent with the Committee’s long-term intent to hold a portfolio that consists primarily of government securities.

References that include “SEVERAL PARTICIPANTS”

  • Several participants noted that unusually large seasonal patterns may have contributed to January’s large increase in PCE inflation.

  • Several participants noted that government spending supports business expansion in their areas.

  • 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.

  • Several participants noted that government spending supports business expansion in their areas.

References that include “COUPLE”

  • Several participants noted that financial conditions appear favorable to wealthier households, which account for a large share of aggregate consumption, with significant gains from the recent gains in stock and home prices.
  • Several participants noted that negotiated compensation agreements have increased wage pressures in their districts.

  • Several participants noted that negotiated compensation agreements have increased wage pressures in their districts.

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