Fed officials commit to restrictive rates but calibration needed: Minutes

The minutes of the Sept. 20-21 meeting showed many Fed officials 'emphasized the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action'

Federal Reserve officials committed to raising interest rates to a restrictive level in the near term and holding them there to get inflation back to their target, though several said it would be important to calibrate the pace of rate hikes to mitigate adverse risks to the economy.

“Several participants noted that, particularly in the current highly uncertain global economic and financial environment, it would be important to calibrate the pace of further policy tightening with the aim of mitigating the risk of significant adverse effects on the economic outlook,” according to minutes from their Sept. 20-21 gathering released Wednesday in