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Investors Taking Comfort From the Fed Minutes Are Ignoring This Risk

·7 min read
Investors Taking Comfort From the Fed Minutes Are Ignoring This Risk

Minutes from the Federal Open Market Committee meeting suggested the pace of interest rate hikes would slow at some point while central bank members assess their impact at bringing down inflation. For the first time officials acknowledged the risk involved with lifting borrowing costs more than was needed and the unnecessary pain it can cause because of the time lag behind between monetary policy moves and economic activity. Since the second consecutive 75-basis point rise was announced, headline inflation has cooled slightly to 8.5%, the jobs market remains hot and, most recently, U.S. retail sales flatlined.