In the minutes of November 2-3 FOMC meeting, various participants noted that the Committee should be prepared to “adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated” if inflation continued to run higher than levels consistent with the Committee’s objectives.
At the same time, because of the continuing considerable uncertainty about developments in supply chains, production logistics, and the course of the virus, a number of participants stressed that a “patient attitude toward incoming data remained appropriate to allow for careful evaluation of evolving supply chain developments and their implications for the labor market and inflation.”
“That said, participants noted that the Committee would not hesitate to take appropriate actions to address inflation pressures that posed risks to its longer-run price stability and employment objectives.”
