Federal Reserve officials saw cost of doing too little to fight inflation outweighed doing too much
Federal Reserve officials agreed they needed to raise interest rates to a more restrictive level – and then maintain them there for some time – in order to meet their goal of lowering inflation, a readout of last month’s policy meeting showed on Wednesday.
That said, several participants in the discussion said it would be important to “calibrate” the pace of further policy tightening with the aim of mitigating the risk of significant adverse effects on the economic outlook. The minutes from the meeting underscored that view. Several policy-makers “underlined the need to maintain a restrictive stance for as long as necessary, with a couple of these participants stressing that historical experience demonstrated the danger of prematurely ending periods of tight monetary policy designed to bring down inflation,” the minutes showed.
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