The Federal Open Market Committee published the Minutes of the meeting held on December 14 and 15, which caused little activity in the foreign exchange market. The US dollar was little changed on the news, although short-term interest rate futures fell.
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Most participants welcomed the easing of inflation in October and November, but agreed that “much more evidence” of progress would be needed to confirm the downward trend.
Participants agreed that the central bank had made significant progress in adopting a sufficiently restrictive monetary policy during the previous year.
Most participants noted that upside risks to inflation remain a key factor in shaping the outlook for monetary policy.
Some officials believe inflation risks could be more persistent, while a couple of officials think risks are more balanced.
None of the FOMC voting members predicted that rate cuts would be necessary in 2023.
Source: Fx Street
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