The FOMC on Wednesday released minutes from its July 26-27 meeting, when it raised interest rates by 0.75 percentage point.
Policymakers worried that any signs of wavering from the Fed would make the situation worse.
"Participants judged that a significant risk facing the Committee was that elevated inflation could become entrenched if the public began to question the Committee's resolve to adjust the stance of policy sufficiently," the minutes said."If this risk materialized, it would complicate the task of returning inflation to 2 percent and could raise substantially the economic costs of doing so.
Though the Fed took the unprecedented steps of hiking three-quarters of a point at successive meetings, markets have been in rally mode lately on hopes that the central bank might soften the pace of increases heading into the fall.The minutes noted that some members worried the Fed could overdo it with rate hikes, underscoring the importance of not being tied to forward guidance on moves and instead following the data.
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