Almost all policymakers believe that rate hikes would be justified "fairly quickly"

Minutes of the November 8 FOMC meeting

• Almost all policymakers believe that rate hikes would be justified "fairly quickly"

• Discussed the modification of the language during new "progressive" hikes

• Some decision makers have expressed concern about the timing of the hikes

• Many have said that it may be appropriate, in some future meetings, to put more emphasis on the evaluation of incoming data.

• Long-term framework discussed for monetary policy, including targeting of overnight bank financing rate rather than effective federal funds

• Almost all Fed officials have witnessed gradual increases consistent with the objectives

The problem with the minutes is that there is always something for everyone. For the doves, we are talking about putting more emphasis on the data. For hawks, there is the line that almost all members have approved incremental increases.

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