A solid majority of Federal Reserve officials agreed at their last policy meeting to slow the pace of interest rate increases. Read more.
But as well, “participants generally noted that upside risks to the inflation outlook remained a key factor shaping the policy outlook,” and that interest rates would need to move higher and stay elevated “until inflation is clearly on a path to two per cent.”
The minutes showed the Fed navigating towards a possible endpoint to its current rate increases, 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. The policy statement issued on Feb. 1 said “ongoing increases” would still be needed, but shifted the focus from the pace of coming rate hikes to their “extent,” a nod to the fact that policymakers feel they may be approaching a rate that is adequate to make continued progress in reducing inflation.Article content
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