Federal Reserve officials signalled they are more concerned about doing too little to rein in soaring US inflation than doing too much and doubled down on plans to tighten monetary policy so it constrains the economy, according to an account of their latest meeting.
Minutes from the September meeting — at which the Fed implemented its third-consecutive 0.75 percentage point rate rise — underscored the high bar for the central bank to back off in its historically aggressive campaign to bring prices under control.
According to the account, central bankers remain committed to “purposefully” tightening monetary policy in the face of “broad-based and unacceptably high inflation”.
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