Fed's Discount Rates Minutes: Directors remained positive about the prospects for economic growth

The Federal Reserve Bank has recently published the Discount Rates Minutes - April 23 and May 2, 2018, with key takeaways found below.

Federal Reserve Bank directors remained positive about the prospects for economic growth, and reports on economic conditions were mostly favorable across sectors and Districts.

Directors commented on the still-tight labor market for both skilled and unskilled workers and noted corresponding wage pressures. 

Many directors continued to point to rising costs for raw materials as a factor putting upward pressure on prices for final goods and services.

Some directors expressed uncertainty about the potential economic effects of new or proposed changes in trade policy.

Some directors noted that inflation had picked up in recent months, but remained a little below the Federal Open Market Committee's 2 percent objective.