Minutes of the Federal Reserve meeting: "Proceed with caution" on interest rates, and it is appropriate to maintain restrictive monetary policy for a period of time

The Federal Reserve released the minutes of the Federal Open Market Committee (FOMC) meeting from October 31 to November 1. Participants discussed the development of financial markets, expectations for monetary policy, and the development of the money market. The minutes pointed out that participants believed that in order to achieve the goal of maximizing employment and maintaining the inflation rate at 2% in the long term, they agreed to maintain the target range of the federal funds rate at 5.25% to 5.5%. All FOMC members agreed to "proceed with caution" on interest rates and agreed that it would be appropriate to maintain restrictive monetary policy for a period until it is clear that inflation has declined significantly toward the target. If information is received suggesting that progress towards achieving the inflation target is insufficient, further monetary tightening would be appropriate. Nick Timiraos, a journalist who is regarded as the "Fed mouthpiece" and known as the "New Fed News Service", commented that when the recent meeting decided to suspend interest rate increases, Fed officials were unwilling to conclude that they had completed raising interest rates. But the minutes suggested officials may be willing to keep rates on hold for at least this year. (Wall Street News)