• Nearly all Federal Reserve policymakers rallied behind a decision to further slow the pace of interest rate hikes at the U.S. central bank’s last policy meeting, but also indicated that curbing unacceptably high inflation would be the “key factor” in how much further rates need to rise.
• “Almost all participants agreed that it was appropriate to raise the target range of the federal funds rate 25 basis points,” with many of those saying that would let the Fed better “determine the extent” of future increases, said the minutes, which were released on Wednesday.
• At the same time, “participants generally noted that upside risks to the inflation outlook remained a key factor shaping the policy outlook,” and that interest rates would need to move higher and stay elevated “until inflation is clearly on a path to 2%.”