No final decision was made, according to the minutes, but officials made “substantial progress” and could “begin the balance sheet reduction process as soon as after the conclusion” of the next Fed meeting in May.
Several members were also in favor of raising the Fed’s reference interest rate by half a percentage point in the coming months, the document points out.
“Many participants (of the meeting) highlighted that one or more hikes of 50 basis points (half a percentage point, ndlr) could be appropriate in future meetings, particularly if inflationary pressures remain high or intensify,” the document indicates.
The Fed raised its rates by 0.25 percentage point in March after two years at virtually zero, amid “uncertainties” over the war in Ukraine.
With information from Reuters and AFP.
