The transcript of the latest FOMC meeting has just been released. The Fed bankers communicated the need to keep rates at higher levels for a longer period of time. Moreover, some bankers are unsure whether the current level of tightening is sufficient to bring inflation back to target. In the first minutes after the publication, we see declines on the US100 index and a rise of the dollar.
Other comments:
Participants at the meeting assessed it would take longer than previously anticipated to gain greater confidence in inflation moving sustainably to 2%.
- Many participants commented on their uncertainty about the degree of policy restrictiveness.
- Various participants mentioned willingness to tighten policy further should risks to outlook materialize and make such action appropriate.
- Participants remarked that the future policy path would depend on incoming data, the evolving outlook, and the balance of risks.
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