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Federal Reserve policymakers at their most recent meeting united around a strategy to ‘proceed carefully’ on future interest-rate moves and base any further tightening on progress toward their inflation goal.
"Participants noted that further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the Committee's inflation objective was insufficient," the minutes said.
U.S. economic data this week has left investors in the same state of confusion about Fed policy as they have been in for weeks. Retail sales proved strong while producer prices inflation, coming soon after the below-forecast core inflation, reinforced the disinflation theme and supported views of a peak in U.S. rates.
Equities struggle for momentum, after this week’s gains, amid persistent hope for a pause in US rate hiking
The Federal Reserve’s next interest rate decision comes on December 13, and rates are likely to remain unchanged at 5.25% to 5.5%.