US Fed Meeting Minutes: FOMC shifts into cautious policy mode, no indication of rate cut; check out 10 key highlights
US Federal Reserve officials at their latest policy meeting agreed to “proceed carefully" and only raise interest rates if progress in controlling inflation faltered. The minutes of the October 31 - November 1 Federal Open Market Committee (FOMC) meeting release on Tuesday showed that the committee was emphasizing on how higher interest rates were starting to squeeze households and businesses.
Here are key highlights from the US Fed meeting minutes: 1) The Fed officials unanimously decided to keep the benchmark lending rate unchanged in a range of 5.25% to 5.5% for the second straight time. 2) All participants agreed that the Committee was in a position to proceed carefully and that policy decisions at every meeting would continue to be based on the totality of incoming information and its implications for the economic outlook as well as the balance of risks.
Read here: Fed minutes show unity on cautious approach to future rate hikes 3) Participants noted that further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the Committee's inflation objective was insufficient. 4) All participants judged that it would be appropriate for policy to remain at a restrictive stance for some time until inflation is clearly moving down sustainably toward the Committee’s objective.
5) Participants also observed that the continuing process of reducing the size of the Federal Reserve’s balance sheet was an important part of the overall approach to achieving their macroeconomic objectives. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) 6) A few participants noted that the process
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