The Federal Reserve on Wednesday released minutes from its July 25-26 policy meeting.
Indeed, the minutes suggested considerable misgivings over the future direction of policy.
"Participants generally noted a high degree of uncertainty regarding the cumulative effects on the economy of past monetary policy tightening," the minutes said. Recent data shows that while inflation is still a good distance from the central bank's 2% target, it has made marked progress since peaking above 9% in June 2022.
Despite the intent of the hikes to slow down the economy, they've had seemingly little effect on overall growth.
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