Minutes published yesterday of the September 25-26 rate-setting meeting (where they raised the Fed Funds target by 25 basis points) noted: ‘’participants generally anticipated that further gradual increases in the target range of the federal funds rate would most likely be consistent with a sustained economic expansion, strong labour market conditions, and inflation near 2 per cent over the medium term’’. CNBC reports that ‘members said there might be a period where the Fed even will need to go beyond normalisation of rates and into a more restrictive stance’.
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