Account of most recent meeting shows ‘almost all’ policymakers supported slower pace of tightening
“Participants observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 per cent, which was likely to take some time,” according to the minutes.
“It seems like the majority of the committee is in line with [Jay] Powell,” said Mr Cohn, referring to the Fed chair. “I think market pricing will still be data-dependent, but the bar for a reacceleration towards 0.5 percentage points is high.” A smaller than expected fall in the consumer price index for January compounded fears about persistent inflation, with notable price pressures still evident in sectors including housing.
Since the meeting, two Fed officials, Cleveland Fed President Loretta Mester and St Louis Fed President James Bullard, said they would have supported a larger 50bp rate increase at the time. However, neither Ms Mester nor Mr Bullard are voting members of the committee.
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