All members of the Federal Open Market Committee agreed that monetary policy should be kept at a restrictive level "for some time" until it becomes clear that the inflation rate is decelerating "sustainably toward its objective" of 2%, the summary of the FOMC September meeting showed on Wednesday.
Several policymakers noted that the federal funds rate is close to or at its terminal point and that "the focus of monetary policy decisions and communications should shift" on the timetable the Fed needs to complete its price stability goal, rather than the exact level of interest rates.
The Fed is "in a position to proceed carefully," according to all FOMC members, and a careful approach is needed as high uncertainty remains, especially due to economic "data volatility and potential data revisions," the meeting minutes also showed.
