Federal Reserve officials reaffirmed their commitment to fighting inflation at their December meeting and indicated that interest rates could remain elevated for “some time” until there is clear evidence that consumer prices are falling.
Minutes from the U.S. central bank’s Dec. 13-14 meeting released on Wednesday showed that policymakers are intent on wrestling inflation closer to their 2% goal, even if it means higher unemployment and slower economic growth.
“Participants generally observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent, which was likely to take some time,” the minutes said.
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