The minutes of the Fed’s Federal Open Market Committee (FOMC) meeting held on November 1-2 have been published.
According to the minutes, most of the members think that the rate of increase in interest rates should be slowed down soon.
Fed’s November Meeting Minutes Highlighted the Rate of Increase in Interest Rates
Fed members think that the 75 basis point rate hikes in the past four meetings should slow down in the future.
The following statements were included in the minutes:
“At the 1-2 November meeting, most of the participants evaluated that a slowdown in the rate of increase in interest rates would be appropriate.
Respondents predicted that a slower rate hike would provide a better opportunity for the FOMC to move toward its goals.
In the minutes, it was noted that some participants thought that interest rates were higher than expected:
“As monetary policy approaches a sufficiently restrictive level, respondents stressed that the final destination of the interest rate becomes more important than the rate of departure. Many of the respondents expressed serious uncertainty about the end point the interest rate should reach in order to reduce inflation. Some participants emphasized that the required level of interest is higher than previously expected.
