“In determining the pace of future increases … the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” Fed policymakers said in their statement after meetings this week.
Inflation has cooled only slightly and job growth remains strong, but some sectors of the economy are already showing signs of strain from the Fed’s policy moves.
Manufacturing barely grew in October, according to a survey from the Institute for Supply Management that’s considered a benchmark indicator. And the housing market has been hammered by the highest mortgage rates in two decades, leading home sales to decline rapidly and prices to drop in some areas.
Still, the Fed said it remains “highly attentive to inflation risks,” the committee said.
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