- A few participants favored raising rates by 50 basis points
- All participants favored a 25 basis point hike
- All participants agreed more rate hikes needed to achieve federal open market committee's job, inflation objectives
- Restrictive monetary policy needed until Fed confident inflation falling to 2%, added that process likely to take some time
- All participants favored further Fed balance sheet reductions under current plan
- Uncertainty associated with outlooks for economy, job market inflation was high
- Risks to economic outlook weighed to the downside
- Upside risks for inflation , including China's economic reopening and Russia's war in Ukraine
- Uncertainty associated with outlooks for economy, job market inflation was high
- Job market very tight, labor demand outstripping available supply
- Some participants saw elevated prospect of recession in 2023
- Continued tight labor market would contribute upward pressure to inflation
- Inflation in the last three months has eased, but they need to see more progress
- Drawn out US debt limit process could pose significant risks to financial system, economy
- Some members acknowledge financial conditions has eased of late
- Anticipated that consumption would likely grow at a subdued rate in 2022
In the markets:
- Dow Industrial Average up 101 points or 0.31%
- S&P index up 19.0 points or 0.47%
- NASDAQ index up 86.71.0.76 percent
- Russell 2000 up 14.86 points or 0.79%
in the debt market:
- 2 year yield 4.675% -5.2 basis points
- 5 year yield 4.133% -4.3 basis points
- 10 year yield 3.912% -4.4 basis points
- 30 year 3.924% -5.0 basis points