A “substantial majority” of Federal Reserve officials support slowing down the pace of interest rate rises soon, even as some warned that monetary policy would need to be tightened more than expected next year, according to an account of their most recent meeting.
Minutes from the November meeting, at which the Fed raised its benchmark rate by 0.75 percentage points for the fourth time in a row, suggested officials are committed to ploughing ahead with their campaign to stamp out elevated inflation.
However, the account also signalled that officials are prepared to start raising rates in smaller increments while they assess the economic effect of the most aggressive tightening campaign in decades.
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