Only ‘gradual’ increases in interest rates on the cards at the Fed

Federal Reserve
The Federal Reserve's eagle. Photo: Dan Hinge

Members of the Federal Reserve's Federal Open Market Committee have said they expect economic conditions will "evolve" to only warrant "gradual" increases in the federal funds rate, following the latest monetary policy decision on February 1.

According to minutes published in January, some participants at the December meeting believed there "might" be the need to raise interest rates "more quickly than currently anticipated" as the risk of a "sizeable" undershooting of the longer-run normal unem