U.S. stocks pared gains following the report, while the Fed-policy sensitive two-year Treasury yield rose and the dollar remained lower.
“Several participants commented that the medians of participants’ assessments for the appropriate path of the federal funds rate in the summary of economic projections, which tracked notably above market-based measures of policy-rate expectations, underscored the committee’s strong commitment to returning inflation to its two per cent goal,” the minutes said. No official predicted rate cuts in 2023.
A report earlier Wednesday showed that job openings — a key metric for Powell — were little changed at an elevated level in November. U.S. payrolls are projected to have risen by a still-solid 200,000 in December, according to economists polled Bloomberg ahead of the release of the monthly employment report on Friday.Article content