'Almost all' Fed officials backed 25 basis point hike at last meeting, minutes show

But as well, “participants generally noted that upside risks to the inflation outlook remained a key factor shaping the policy outlook,” and that interest rates would need to move higher and stay elevated “until inflation is clearly on a path to two per cent.”

The minutes showed the Fed navigating towards a possible endpoint to its current rate increases, at once slowing the pace in order to more cautiously approach a possible stopping point while also leaving open just how high rates will ultimately rise in the event inflation does not slow. The policy statement issued on Feb. 1 said “ongoing increases” would still be needed, but shifted the focus from the pace of coming rate hikes to their “extent,” a nod to the fact that policymakers feel they may be approaching a rate that is adequate to make continued progress in reducing inflation.Article content

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