U.S. Federal Reserve officials were divided Wednesday over whether recent high inflation data and a continually hot jobs market will require even more restrictive interest rates, or just patience in maintaining tight monetary policy for a longer period of time.
Traders of futures tied to the Fed's policy rate on Wednesday saw about an even chance the rate will get to a range of 5.5%-5.75% by September, versus the 5.25%-5.5% range priced in since a Labor Department report in early February showed U.S. employers increased payrolls much more than expected in January.
The federal funds rate is currently set in a range from 4.5% to 4.75% after a rapid set of rate increases last year lifted it from a near zero level. Officials expect to tack on another quarter of a percentage point at their next meeting. Atlanta Fed President Raphael Bostic said in an essay released on Wednesday that he still feels a federal funds rate set in a range of from 5% to 5.25% would be adequate, an outlook he has maintained despite last week's high inflation reading and an unexpectedly strong January jobs report.
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