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Nearly every member of the Federal Reserve’s rate-setting body said additional interest rate increases would be appropriate in 2023, according to the minutes of last month’s meeting.
Push for Rate Hikes: In fact, while the Fed’s decision to hold interest rates steady at the June meeting was unanimous, some members of the Federal Open Market Committee preferred to raise the target range for the federal funds rate by 25 basis points. According to the minutes, these participants cited the tight labor force, stronger-than-anticipated economic activity, and ongoing inflation concerns.
More Moderate Approach: Nevertheless, members of the FOMC indicated future rate hikes would be scarcer than the 10 straight rate increases that the panel ended last month. The minutes note that “many” FOMC members said a further moderation in the pace of rate increases was appropriate “to provide additional time to observe the effects of cumulative tightening and assess their implications for policy.”