Only “a few” participants outright favored a larger half-percentage-point increase at the meeting, or said they “could have supported” it.
Jerome Powell’s Fed has raised rates over eight meetings from a starting point near zero last March to the current 4.50%-4.75% range., at once slowing the pace in order to more cautiously approach a possible stopping point while also leaving open just how high rates will ultimately rise in the event inflation does not slow.
During a year in which the Fed played catch-up with an inflation rate that soared to a 40-year high, the central bank raised its policy rate over eight meetings from a starting point near zero last March to the current 4.50%-4.75% range. Minutes showed that officials believe interest rates would need to move higher and stay elevated “until inflation is clearly on a path to 2%.”
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