Central Banks
Fed Inclined Toward More Hikes to Curb Inflation, Minutes Show
- Almost all officials backed slowing pace of increases
- ‘A few’ on FOMC supported or could favor larger move
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Federal Reserve officials continued to anticipate further increases in borrowing costs would be necessary to bring inflation down to their 2% target when they met earlier this month, though almost all supported a step down in the pace of hikes.
“Participants observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2%, which was likely to take some time,” according to the minutes of the Jan. 31-Feb. 1 gathering released in Washington on Wednesday.