Federal Reserve officials believed at their last policy meeting that by slowing interest rate increases, they could bring inflation down without unnecessary hardship, especially among vulnerable Americans, according to minutes released.
, they could bring inflation down without unnecessary hardship, especially among vulnerable Americans, according to minutes released Wednesday.Fed officials believed that slowing down on rate increases "would better allow the Committee to assess the economy's progress" toward its goals of maximum employment and price stability, the minutes of the Dec. 14 Federal Open Market Committee state.
"A number" of the officials also worried that it would complicate the Fed's efforts if an "unwarranted easing in financial conditions" were to take place, a signal of uneasiness at recent shifts in financial markets. On one hand, inflation could remain high, causing a lasting shift in inflationary psychology and diminishing the purchasing power of Americans.
"A number" of the officials "commented that as the labor market moved into better balance, the unemployment rate for some demographic groups — particularly African Americans and Hispanics — would likely increase by more than the national average.Fed officials saw a mixed picture for the U.S. economy. The job market has remained strong, though "several participants commented that there were tentative signs of labor market imbalances improving," according to the minutes.
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