🧅Fed minutes showed that rates will continue to move higherThe minutes from the Jan. 31-Feb. 1, 2023 Federal Open Market Committee (FOMC) meeting showed that the Fed remains committed to bringing inflation back to target.
On the progression of the economy, the Committee members noted that "recent indicators pointed to modest growth in spending and production. Nonetheless,
job gains had been robust in recent months, and the unemployment rate remained low. Inflation had eased somewhat but remained elevated."
The minutes showed that "almost all participants agreed that it was appropriate to raise the target range for the federal funds rate 25 basis points at this meeting.
" Members that supported a 50-basis point increase believe that a larger increase would more quickly get them to a sufficiently restrictive position to enable achieving price stability in a timely way.
On the future path of monetary policy, committee members anticipated that "ongoing increases in the target range for the federal funds rate would be appropriate to achieve the Committee’s objectives.
" Moreover, that it is important to maintain a restrictive stance until there is clear evidence that inflation is moving toward the Fed's 2% target.
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🧅JUST AN OPINION OF THE ONION.🧅
source:
economics.td.com
