policymakers think that unemployment will likely have to rise before comes down, notes fromThe minutes of the Sept. 20-21 meeting showed many Fed officials 'emphasized the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action.'Fed officials believe a 'softening in the labor market would be needed to ease upward pressures on wages and prices' and that the shift 'would be accompanied by an increase in the unemployment rate,' the meeting notes say.
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