In addition, while Chair Jerome Powell said during his post-meeting press conference that rates will probably ultimately go higher than officials’ September forecasts indicated, Wednesday’s report gave a more nuanced take: “Various” officials -- a descriptor not commonly used in the minutes -- had concluded that rates would ultimately peak at a higher level than previously expected.
Federal Reserve officials concluded earlier this month that the central bank should soon moderate the pace of interest-rate increases to mitigate risks of overtightening, signalling they were leaning toward downshifting to a 50 basis-point hike in December.
“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” according to minutes from their Nov. 1-2 gathering released Wednesday in Washington.
