Newly released minutes of a Fed meeting that concluded June 16 show the thinking that drove leaders to push interest rates higher than already planned.
points, the most since 1994 and more than the half-point they had signaled was likely in the weeks preceding the meeting of the Federal Open Market Committee.New details in the minutes show the thinking that drove that pivot. In particular, the officials believed they needed to move toward higher rates in part due to "risk management" concerns.
Many thought that there was a "significant risk ... that elevated inflation could become entrenched if the public began to question the resolve" of the Fed. Fed leaders, in other words, see their job as not just slowing demand in the economy but also reinforcing to the public that the central bank will do what it takes to bring down inflation.economic outlook was relatively gloomy. Fed staff concluded that the risks to economic activity were skewed to the downside and inflation risks skewed to the upside.
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