In the minutes of September 20-21 FOMC meeting, it’s noted that with “broad-based and unacceptably high level of inflation” and the “upside risks”, participants remarked that “purposefully moving to a restrictive policy stance in the near term was consistent with risk-management considerations”.
Further than that, “many participants emphasized that the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action.”
Also, “several participants underlined the need to maintain a restrictive stance for as long as necessary”.
