Since late last year, the Federal Open Market Committee has slowed the pace of rate hikes as we have approached a stance of monetary policy that will be sufficiently restrictive to return inflation to 2 percent over time.
A decision to hold our policy rate constant at a coming meeting should not be interpreted to mean that we have reached the peak rate for this  2/4  BIS - Central bankers' speeches  cycle. Indeed, skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming.