Washington, DC CNN —Most Federal Reserve officials said last month that they expect one more rate hike, according to minutes from their September policy meeting released Wednesday.
Some officials said that how fast inflation cools in the coming months will determine how long rates remain elevated.
Inflation’s steady descent over the past year, and the job market’s gradual cooldown, gave officials enough reassurance to pause, the minutes showed.
The central bank’s latest set of economic projections also showed that most Fed officials expect fewer rate cuts next year, confirming investors’ fears that rates could remain higher for longer.
It’s unclear how much higher yields will weigh on economic activity, but several Fed officials have said in public remarks this week that it could mean less action from the Fed.
Persons:
’, Jerome Powell, Philip Jefferson, ”, Lorie Logan, Mack Trucks
Organizations:
DC CNN, Federal, Fed, Treasury, ” Dallas, Employers, Labor Department, United Auto Workers, UAW
Locations:
Washington