Most Fed members backed future rate hike, Fed minutes show
Investing.com – Most Federal Reserve policymakers agreed that one more rate hikes would be"appropriate" and emphasized the need to keep interest rates higher for longer as inflation continues to trend well above the central bank’s 2% target, the Fed’s September meeting minutes showed Wednesday.
At the meeting, Fed members doubled down on the central bank’s plan to keep rates elevated for much longer than previously expected after maintaining their forecast for another rate hike this year and reducing the number of rate cuts expected in 2024 to just two from four previously. Fed members are “in a position to proceed carefully in assessing the extent of any additional policy firming that may be necessary,” Federal Reserve Vice Chair Philip Jefferson said Monday in remarks prepared for a speech at a National Association for Business Economics conference in Dallas.
“It’s the last CPI reading before the next FOMC decision on November 1st and therefore it could be impactful to markets that are pricing little to no chance at a hike at that meeting,” Scotiabank Economics said in a recent note.
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