The Federal Reserve ended 2022 with a firm promise at its December policy meeting that interest rates would continue rising this year, but at a slower pace and perhaps only by another three-quarters of a percentage point.
That session's readout, due to be released at 2 p.m. EST on Wednesday, may provide further insight into just how the endgame of the current tightening cycle will play out, and how deeply Fed officials are beginning to weigh risks to economic growth against their top-of-mind concern about inflation.
But the details of the document, with its descriptions of different points of view and the rough sizes of groups of policymakers offering them, could show the Fed's internal deliberations entering a new phase where risks to economic growth and employment are given more standing. "The FOMC seems united on getting policy above 5% but is quite split on exit strategy; how long to hold and how deeply and rapidly to ease on the other side," Tang wrote, referring to the central bank's policy-setting Federal Open Market Committee.The minutes could help pin down how much sentiment there is to ease the pace of upcoming rate increases to a quarter of a percentage point as of the Jan. 31-Feb. 1 meeting.
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