• The readout of the Nov. 1-2 meeting, at which the Fed raised its policy rate by three-quarters of a percentage point for the fourth straight time, showed officials were largely satisfied they could move rates in smaller, more deliberate steps as the economy adjusted to more expensive credit and concerns about “overshooting” seemed to increase.
• “A slower pace … would better allow the (Federal Open Market) Committee to assess progress toward its goals of maximum employment and price stability,” said the minutes, which were released on Wednesday. “The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited.”
• “With monetary policy approaching a sufficiently restrictive stance, participants emphasized that the level to which the Committee ultimately raised the target range … and the evolution of the policy stance thereafter, had become more important considerations … than the pace,”…