Fed officials expressed concern over the persistence of high inflation and expected that bringing prices and wages down would likely require the labor market to weaken
Officials last month revised up their expectations of future interest rate increases and said labor markets would need to weaken
The Federal Reserve's main tool for managing the economy is to change the federal-funds rate, which can affect not only borrowing costs for consumers but also shape broader decisions by companies like how many people to hire. WSJ explains how the Fed manipulates this one rate to guide the entire economy. Illustration: Jacob Reynoldsat their meeting last month
over the persistence of high inflation and expected that bringing prices and wages down would likely require the labor market to weaken. Many officials revised higher their expectations for anticipated rate rises, though some signaled greater caution about overdoing increases due to elevated risks of economic and financial volatility, according to minutes of the Sept. 20-21 gathering released Wednesday.
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