Minutes of the Federal Open Market Committee's latest meeting will offer further insight into Fed officials' economic forecasts and interest-rate views.
Federal Reserve officials reinforced the message after the central bank’s Sept. 19-20 meeting that interest rates would stay higher for longer than previously expected, even though they declined to raise rates at that policy gathering.
The Fed minutes, released several weeks after each official Federal Open Market Committee meeting, can serve as a policy road map. During the September meeting, the Fed opted not to raise the benchmark interest rate, keeping the target for the federal-funds rate at 5.25%-5.50%. Fed Chair Jerome Powell took a slightly more pessimistic tone, however, at his postmeeting press conference, declining to call a soft economic landing his baseline forecast. Powell also played down the latest so-called dot plot projections, noting they were simply a collection of individual rate forecasts rather than a future game plan.
Yet, the higher yields contribute to tighter financial conditions, which could help keep the Fed’s rate pause in place, multiple Fed officials have said in recent days. “Financial conditions tightened substantially in recent months. Much of the tightening came from movements in longer-term interest rates,” Lorie Logan, president of the Federal Reserve Bank of Dallas, said Monday.
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