FOMC MINUTES: Summary

• Participants observed that slowing hikes would allow to assess progress on inflation and employment
• Participants stressed that it would take substantially more evidence of progress to be confident that inflation was on a sustained downward path
• No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023
• Participants continued to anticipate that ongoing increases in the target range for the federal funds rate would be appropriate
• Participants reaffirmed their strong commitment to returning inflation to the Committee's 2 percent objective
• October and November showed welcome reductions in the monthly pace of price increases, but they stressed that it would take substantially more evidence of progress to be confident that inflation was on a sustained downward path.