Federal Reserve officials expressed little urgency to raise interest rates again at their most recent meeting, even as they reiterated their willingness to tighten monetary policy further if warranted by new data.
Minutes from the Federal Open Market Committee’s November meeting, released on Tuesday, confirmed that all officials are still committed to proceeding “carefully” on future rate decisions, as they debate whether they have squeezed the economy sufficiently to get inflation back down to the central bank’s 2 per cent target.
Data over the coming months would clarify the progress against inflation, the minutes emphasised, while the Fed would look for signs that demand from consumers and businesses was moderating and the labour market cooling.