Minutes of the Federal Open Market Committee (FOMC) meeting July 28-29 saw Fed officials note the situation in the U.S. energy and agriculture sectors, with observations that the two sectors continue to struggle.
“Several participants also commented on ongoing challenges facing the energy or farm sector despite recent improvements,” the minutes said. “In the energy sector, these challenges included still-low oil demand, excess inventories, and low oil prices, while in the farm sector they included low prices of some farm commodities, pandemic-related disruptions in some food processing plants, and a significant decline in demand for ethanol.”
Overall, the minutes still indicated what Fed officials have signaled since that meeting – the direction for the U.S. economy remains dependent on the coronavirus and the public response to it.
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