All officials at the Federal Reserve’s Dec. 13-14 policy meeting agreed the U.S. central bank should slow the pace of its aggressive interest rate increases. | Reuters
Indeed, the minutes put a premium on explaining that the decision to move to smaller rate increases should not be construed by investors or the public at large as a weakening of the Fed’s commitment to bring inflation back to its 2 percent target.
Markets and some economists, however, have yet to give up the idea that the Fed will do just that before the year runs out, reinforcing the communications challenge facing Fed Chair Jerome Powell and his colleagues this year. Recent economic growth had been stronger than previously expected, Fed staff said, and as a result economic output was not expected to slow to a below-trend pace and unemployment rise above its “natural rate” until “near the end of 2024” – a year later than anticipated.
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