Fed Expects Restrictive Policy of Higher Interest Rates for Longer: FOMC Minutes

The Federal Reserve will eventually slow down the pace of interest rate hikes as officials assess the cumulative effects of monetary policy adjustments, according to minutes from the September meeting of the Federal Open Market Committee (FOMC) released on Wednesday.
However, the central bank reiterated its position that the Fed must adopt and maintain a restrictive policy to achieve the chief objective of price stability. Once policy had reached a restrictive level, it would need to be held there for a period.
This might have been emphasized as the Fed anticipated the real Personal Consumption Expenditures (PCE) price index, a preferred measure of inflation, is poised to record “a modest gain” in the third quarter….