Federal Reserve policymakers said they would forge ahead with further rises in interest rates, with some talking of pushing borrowing costs into restrictive territory, as the central bank seeks to prevent inflation from overshooting its target.
Despite outspoken criticism of rate rises from President Donald Trump, a number of Fed policymakers said in their September meeting that they thought it might become necessary to temporarily boost rates above levels they expect in the longer run. This would prevent inflation from getting too hot and ward off risks of financial excesses, the central bankers said.
A few officials thought policy should become “modestly restrictive” for a time, according to minutes of the meeting, held on September 25-26.