Minutes from the July meeting show that Fed officials seem to have changed their previous positive attitude towards providing clearer guidance on the path of interest rates in the future. According to the minutes of the July 28-29 monetary policy meeting of the Federal Open Market Committee (FOMC) released on Wednesday, “regarding the outlook for monetary policy after this meeting, a number of participants believed that it would be appropriate to provide clearer guidance on the target range of the federal funds interest rate at some point in the future.” < / P > < p > this is a subtle change from the previous minutes, when policymakers showed a desire to reinforce the so-called forward-looking guidance “at subsequent meetings.”. Since the last meeting, several members of the Federal Open Market Committee (FOMC) have said there is little need for new guidance as long as the epidemic continues to pose serious resistance to the economy. Federal Reserve officials kept interest rates near zero at their July meeting and continued to buy Treasury and mortgage-backed bonds at about $120 billion a month. At a news conference after the July monetary policy meeting, Federal Reserve Chairman Jerome Powell said the path of economic development was “extremely uncertain” and would depend on curbing the new coronavirus. The results are mixed, with rising infection rates in several U.S. states, which could weaken the recovery. < / P > < p > although officials have reduced the urgency of forward-looking guidance for short-term adjustments, they are still discussing the conditions that will ultimately support an increase in interest rates. This includes the possibility of linking the federal funds rate to inflation or employment, and strengthening the wording related to asset purchases in terms of “fostering a loose financial environment and supporting economic recovery.”. At the July monetary policy meeting, Federal Reserve officials noted a rebound in consumer spending, but reiterated that the path of economic recovery will depend on the control of the epidemic. “Members believe that the continued public health crisis will put severe pressure on economic activity, employment and inflation in the short term, and pose a considerable risk to the economic outlook in the medium term,” the minutes said. < / P > < p > “participants found that there has been little improvement in the business sector in recent months, and business contacts in various federal reserve jurisdictions continue to report abnormally high levels of uncertainty and risk factors.”.