A “substantial majority” of Fed officials believe it will soon be time to slow down the central bank’s current pace of rate hikes.
Minutes from the Federal Reserve’s policy meeting earlier this month released Wednesday showed signs the central bank is set to shift away from its campaign of raising interest rates by 0.75% at its policy meeting next month.
“A number of participants observed that, as monetary policy approached a stance that was sufficiently restrictive to achieve the Committee’s goals, it would become appropriate to slow the pace of increase in the target range for the federal funds rate,” the minutes showed.
“In addition, a substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate.”
The minutes showed that while the pace of rate hikes might slow, how high the Fed ultimately raises interest rates during its current cycle has likely increased in recent months.
Federal Reserve Board Chairman Jerome Powell speaks…