Fed Reserve officials at their meeting that was happened earlier in this month expressed concern regarding inflation and stated that they will increase interest rates if prices continues to be increasing.
The committee that fixes interest rates for the central bank on Wednesday released the November meeting minutes. In that, it first given a hint that it can dial back all the economic help it has been offering during the pandemic.
The officials in the meeting stressed their preparedness to increase interest rates if inflation continues to heat up.
“Various participants noted that the Committee should be prepared to adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher than levels consistent with the Committee’s objectives,” the minutes stated.
Officials stressed the point of having a patient approach regarding incoming data which reveals that the inflation is running at its highest speed in more than 30 years.
But Fed officials also expressed, “not to hesitate to take appropriate actions to address inflation pressures that posed risks to its longer-run price stability and employment objectives.”
