Federal Reserve officials regarded the U.S. economy's outlook as particularly uncertain last month, according to minutes released Wednesday, and said they would 'proceed carefully' in deciding whether to further raise their benchmark interest rate.
Federal Reserve officials regarded the U.S. economy’s outlook as particularly uncertain last month, according to minutes released Wednesday, and said they would “proceed carefully” in deciding whether to further raise their benchmark interest rate.
Several of the 19 Fed policymakers said that with the Fed’s key rate “likely at or near its peak, the focus” of their policy decisions should “shift from how high to raise the policy rate to how long” to keep it at economically restrictive levels. The minutes arrive in a week in which several Fed officials have suggested that a jump in longer-term bond rates could help cool the economy and inflation in the coming months. As a result, the Fed may be able to avoid a rate hike at its next two-day meeting, which ends Nov. 1. Futures markets prices show few investors expect a rate increase at that meeting or at the next one in December.
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