Fed hikes rates by a quarter percentage point, indicates increases are near an end
“The Committee will closely monitor incoming information and assess the implications for monetary policy,” the FOMC’s post-meeting statement said. “The Committee anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.“
That wording is a departure from previous statements which indicated “ongoing increases” would be appropriate to bring down inflation.
The softening tone came amid a banking crisis that has raised concerns about the system’s stability. The statement noted the likely impact from recent events.