European equity markets are expected to open slightly lower Thursday as traders digest sluggish economic growth.
Federal Reserve officials still have a recession as the most likely base case for the U.S. economy, but there was growing optimism at the last meeting that a true "soft landing" could be achieved.
"Given the continued strength in labor market conditions and the resilience of consumer spending, however, the staff saw the possibility of the economy continuing to grow slowly and avoiding a downturn as almost as likely as the mild-recession baseline," the minutes said.The Federal Reserve expects to raise rates further from current levels, albeit at a slower-than-expected pace, a summary from the central bank's June meeting showed.
"Many [officials] also noted that, after rapidly tightening the stance of monetary policy last year, the Committee had slowed the pace of tightening and that a further moderation in the pace of policy firming was appropriate in order to provide additional time to observe the effects of cumulative tightening and assess their implications for policy,"
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