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FOMC Minutes Offer No Hints On Future Pace Of Rate Increases

FED
  • Link to minutes document: https://www.federalreserve.gov/monetarypolicy/file...
  • (MNI) WASHINGTON - Federal Reserve officials agreed at their December meeting that it was appropriate to slow the pace of rate hikes to 50 basis points but offered no hints on the pace of future expected increases, according to minutes from the meeting released Wednesday.
  • "Participants continued to anticipate that ongoing increases in the target rangefor the federal funds rate would be appropriate to achieve the Committee’s objectives," the FOMC said.
  • "Participants agreed that inflation remained well above the Committee’s longer-run goal of 2%, while the labor market remained very tight, contributing to upward pressures on wages and prices," the minutes said.
  • Against that backdrop, no FOMC member "anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023," the report said. Fed officials still saw inflation risks as titled to the upside.
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