Most Fed Officials Favored Holding Rates Steady in September: FOMC Minutes

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Most Fed Officials Favored Holding Rates Steady in September: FOMC Minutes

seekingalpha2023-10-12

The bulk of Federal Reserve officials favored keeping rates unchanged at 5.25%-5.50% at the September 19-20 meeting, according to the policy-setting Federal Open Market Committee's minutes released ...

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Some participants argued that the focus of monetary policy decisions should shift to \"how long\" to hold rates at restrictive levels from \"how high.\"At last month's FOMC gathering, policymakers boosted their expectations for keeping interest rates higher for longer as inflation remained above the 2% objective, though they held rate steady in what marked the second time this year when the central bank didn't raise rates.With the Fed minutes reflecting a shift away from focusing on incremental rate hikes and more toward keep restrictive policy for some time, stocks pared back some intraday losses, with the Dow Jones ticking down 0.1%, S&P 500 up 0.1% and Nasdaq +0.3% at 2:12 p.m. ET. Put simply, the Fed appeared to keep the door open to holding borrowing costs unchanged again at the next meeting on November 1.Traders slightly raised their expectations for the Fed's next move, pricing in a 91.4% chance that it will keep rates at 5.25%-5.50% at the November 1 gathering, according to the CME FedWatch tool. That compares with an 86.8% probability the day before. Market participants generally are also in the camp that rates will stay at the current target rate range in December, though there is a 26.0% chance that a 25-basis-point rate increase would take hold.In discussing the policy outlook, all policymakers agreed that the Fed should \"proceed carefully\" on rate decisions, and incoming economic data would continue to be key in determining the path of the fed funds rate.The document also showed officials' sentiment shifted more toward judging risks as \"two sided. But with inflation still well above the Committee's longer-run goal and the labor market remaining tight, most participants continued to see upside risks to inflation.\"","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":13,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}