“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” according to minutes from their Nov. 1-2 gathering released Wednesday in Washington.
At the meeting, officials raised the benchmark rate 75 basis points for a fourth straight time to 3.75 per cent to 4 per cent, extending the most aggressive tightening campaign since the 1980s to combat inflation at a 40-year high. “The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important,” the minutes said.
Chair Jerome Powell explained in a post-meeting press conference that rates will ultimately go higher than officials expected when they submitted forecasts in September, while signaling the pace of increases would moderate going forward.
50 in December followed by 50 at each of the 5 following meetings.
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