According to the minutes of the June FOMC meeting, the Fed said the forecast for real gross domestic product (GDP) growth in the near term was revised down.

The revision reflected data indicating a slower pace of private-sector job gains, more-subdued retail sales, a lower trajectory for personal income, greater restraint in government purchases, and weaker net exports than the staff anticipated at the time of the previous projection. Moreover, recent adverse developments in Europe and tighter domestic financial conditions led the staff to revise down somewhat the medium-term forecast for real GDP growth.

The Fed noted that real business expenditures on equipment and software increased moderately in the first quarter and said recent forward-looking indicators pointed toward continued moderate increases in outlays for business equipment in subsequent months.

In their discussion of monetary policy for the period ahead, members agreed that it would be appropriate to keep the target range for the fed funds rate at 0 to 0.25% in order to support a stronger economic recovery.

To read the full minutes from the Fed June FOMC meeting click here.