*FED OFFICIALS BACK ONGOING RATE HIKES TO QUELL ABOVE-TARGET INFLATION: FED MINUTES
Investing.com -- Federal Reserve policymakers called for further monetary policy tightening until there were"substantially" more signs of slowing inflation, with a"few" members backing a faster path to push rates to restrictive levels as a tight labor market threatens to underpin inflation, the Fed’s Jan. 31- Feb.
At the conclusion of its previous meeting on Feb. 1, the Federal Open Market Committee raised its benchmarkIt was the second straight meeting that the pace of rate hikes was slowed as the rate-setting committee seeks to assess the impact of prior rate hikes, which included four jumbo-sized 75-basis-point hikes in 2022, on the economy.
But a few members were against the move to downshift to a 25-basis-point rate hike, preferring to maintain the 50-basis-point pace to push rates to restrictive policy as quickly as possible. "The participants favoring a 50-basis point increase noted that a larger increase would more quickly bring the target range close to the levels they believed would achieve a sufficiently restrictive stance, taking into account their views of the risks to achieving price stability in a timely way," it added.
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