Fed minutes could give clues to how concerned officials are about employment, Brexit

Federal Reserve officials held interest rates steady at their June 14-15 meeting amid worries about a sharp slowdown in hiring the previous month, and the impending U.K. vote on whether to leave the European Union. The minutes of their gathering, to be released Wednesday at 2 p.m. EDT, will give more clues about how worried officials were about a persistent slowdown in the broader economy and about the so-called Brexit vote on June 23. Here are five things to watch for in the minutes.

Brexit

Fed Chairwoman Janet Yellen acknowledged at a postmeeting news conference June 15 that the Brexit vote, set for one week after Fed officials met, was one factor in their decision to leave rates unchanged. Ms. Yellen and other Fed officials had warned a vote to leave the EU could have significant consequences. The minutes may provide more details on officials’ specific concerns—and how widespread those worries were among the committee members.

Hiring Slowdown

The disappointing U.S. jobs report for May gave officials plenty of reason to pass on a June rate increase. Employers added just 38,000 jobs in May, and the job gains for March and April were revised lower, the Labor Department said last month. The minutes may give more insight into whether most Fed officials are betting on a bounce back or bracing for a more persistent slowdown.