Fed Minutes to Show Cautious Approach on Rates as Inflation Slows
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Minutes of Oct 31-Nov 1 meeting expected to emphasize "careful" approach as Fed seems unlikely to raise rates further but doesn't want to explicitly say so while inflation remains high.
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Fed may be on verge of navigating out of worst inflation in 40 years without major damage to economy.
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Little appetite to declare victory yet or give direct guidance on what's next; minutes will likely include "hawkish rhetoric" that rates could still move higher.
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Fed focused on how long rates may need to stay at current level, less on how much higher they may go.
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Data showing inflation settling, but Fed wants sustained evidence of steady decline before changing policy.