Fed Minutes Show Officials Saw More Work to Do to Quell Inflation
Policymakers grew increasingly concerned about inflation risks at their most recent meeting in September.
TL;DR
- Most Federal Reserve officials concluded more work is needed to control inflation after their September meeting.
- 16 out of 18 policymakers expect at least one more quarter-point rate increase by the end of 2023.
- Many officials viewed higher rates as a prudent measure against persistent inflation due to strong demand or supply shocks.
- Some participants felt previous policy settings were not restrictive enough to slow demand and control inflation.
- The Fed chairman described the rate increase as an effort to make financial conditions more consistent with objectives.