Fed Saw Smaller Hikes Ahead to Assess Prior Moves, Minutes Show

“While the FOMC minutes continue to emphasize the need to contain inflation, there is also an emerging concern that the Fed could tighten more than necessary,” said Christopher Low, chief economist at FHN Financial. “There is an inkling of improvement on the supply side of the economy, there is a bit of hope in some product prices moderating, but there is still a great deal of concern about inflation and inflation expectations.”

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