The central bankers discussed the need to slow rate increases soon at their last meeting, while signaling that they are likely to raise borrowing costs higher.
Federal Reserve officials agreed at their November meeting that it would soon be appropriate to slow interest rate increases, minutes from the gathering showed, as they shifted their emphasis toward how high interest rates will eventually rise.
Central bankers lifted interest rates by three-quarters of a percentage point for a fourth straight time at their Nov. 1-2 meeting, bringing the federal funds rate to nearly 4 percent. Rates were set just above zero as recently as March.
The Fed has been carrying out the most aggressive campaign to restrain the economy in decades as it tries to wrestle the fastest inflation since the 1980s back under control. By making it more expensive to borrow money, the Fed’s rate moves can cool demand across the economy, allowing supply