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MNI: FOMC Agreed Modest Rate Hike Prudent - Minutes

FED
  • (MNI)- Federal Reserve officials debated a temporary pause to interest rate hikes last month as a banking sector crisis raged but unanimously decided inflation pressures were still sufficiently worrisome to warrant a quarter point interest rate increase, according to minutes of the March meeting released Wednesday.
  • “Participants noted that recent developments in the banking sector would likely result in tighter credit conditions for households and businesses and weigh on economic activity, hiring, and inflation, though the extent of these effects was highly uncertain. Against this backdrop, all participants agreed that it was appropriate to raise the target range for the federal funds rate 25 basis points,” the minutes said.
    • The report said “several” Fed officials considered whether it might be appropriate to hold rates steady but decided otherwise. In contrast, some participants said they might have considered a 50 basis point hike were it not for the banking stress.
  • Very minimal reaction following the release with the USD maintaining its downward bias since the earlier US CPI data release.
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