Fed sees policy remaining restrictive for ‘some time,’ minutes show

Minutes from the Federal Reserve’s last meeting read, “All participants agreed that policy should remain restrictive for some time until the Committee is confident that inflation is moving down sustainably toward its objective. A few participants noted that the pace at which inflation was returning to the Committee’s 2 percent goal would influence their views of the sufficiently restrictive level of the policy rate and how long to keep policy restrictive. Several participants commented that, with the policy rate likely at or near its peak, the focus of monetary policy decisions and communications should shift from how high to raise the policy rate to how long to hold the policy rate at restrictive levels.”