The Federal Reserve published on Wednesday the minutes of the policy meeting held by the Federal Open Market Committee last month, revealing policymakers considered keeping the Fed's key interest rates unchanged in the wake of the banking crisis.
However, all Fed officials backed the 25 basis point rate hike that came despite the market stress prompted by the collapse of Silicon Valley Bank, Signature Bank and Credit Suisse throughout March. The Fed also noted that staff projections included a "mild recession" that could start in 2023.
Markets currently lean toward another 25 bps hike from the Fed in May, after which the United States central banking system would halt policy tightening. US inflation slowed past expectations last month to land at 5%, according to the latest data published earlier today.
