Minutes Show Fed Officials Saw Need for More Rate Hikes

The transcript discusses the economic slowdown, inflation risks, and the Fed's decision to raise interest rates as a risk management measure. It highlights differing opinions among Fed officials on the magnitude of rate hikes, with some advocating for a more aggressive approach. Concerns about inflation, financial stability, and the debt ceiling are also addressed. The market's reaction to the Fed's minutes and economic data is noted, along with considerations for future rate hikes based on economic indicators.

What was the general sentiment regarding the need to maintain a restrictive policy stance until inflation was clearly on a path to 2%?

What indicators were the officials particularly watching that could trigger a faster pace of rate hikes?