The time for moderating the pace of rate increases may come as soon as the December meeting. Given our progress in tightening policy, the timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level.
It is likely that restoring price stability will require holding policy at a restrictive level for some time. History cautions strongly against prematurely loosening policy. We will stay the course until the job is done. - 10 References Bureau of Labor Statistics (2022). “Worker Displacement: 2019–2021,” press release, August 26, https://www.bls.gov/news.release/pdf/disp.pdf. Camarota, Steven A., and Karen Zeigler (2022).