FED Sees More Rate Hikes Ahead

the staff of the Ridgewood blog

Ridgewood NJ, Federal Reserve officials agreed to a pause despite the fact that some officials wanted to raise rates by 0.25% last month because they felt the job market was too strong, the economy was showing signs of more resiliency, and inflation was not coming down fast enough.

The details of that debate emerged Wednesday when the Fed released minutes from the June meeting of the Federal Open Market Committee (FOMC) (see below) .

Despite the reservations, the ultimate decision to hold rates steady last month was unanimous. However almost all officials expect more rate increases this year, according to the minutes.

FED SPEAK: The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on June 13–14, 2023.

The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.

The minutes can be viewed on the Board’s website.

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