The minutes, released Wednesday, did not indicate a clear trend among officials at the fed in favor of a smaller increase in rates -of half a percentage point- or a third consecutive rise of 75 basis points at the next meeting on September 20 and 21, but an insistence that it depends on the performance of inflation and the economy.
The Fed has raised its overnight benchmark interest rate by 225 points this year, to a target range of 2.25% to 2.50%, as part of an effort to rein in inflation, which is at a four-decade high. by the Fed’s preferred measure, by more than three times the 2% target.
The central bank is widely expected to raise rates next month by 50 to 75 basis points.
For the Fed to slow the pace of rate hikes, inflation reports due out before the next meeting should confirm that price increases have peaked and are now on the decline.
