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Federal Reserve meeting minutes flag high interest rates for ‘some time’ while risks shift

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The minutes show Fed officials moving closer to a symmetric policy outlook, where the risk of overtightening and recession v prolonging inflation above 2pc.

Federal Reserve policymakers agreed last month that policy should remain restrictive for some time to keep cooling down inflation, while noting risks had become more balanced.

The minutes show Fed officials moving closer to a symmetric policy outlook, where the risk of overtightening and recession is weighed against prolonging inflation above 2 per cent. In forecasts issued last month, 12 of 19 officials projected one more hike this year, while the median estimate showed they expected fewer rate cuts in 2024 and 2025.

 

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