Photo: The seal of the U.S. Federal Reserve Board of Governors. The seal of the U.S. Federal Reserve Board of Governors.

When they met earlier this month, Federal Reserve officials continued to anticipate further increases in borrowing costs would be necessary to bring inflation down to their 2 percent target, although almost all supported a step down in the pace of interest rate hikes.

“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 percent, which was likely to take some time,” according to the minutes of the gathering on January 31 and February 1, which were released in Washington yesterday.


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