Federal Reserve policymakers unanimously decided to reduce interest rates by 25 basis points to a range of 4.5%-4.75% during their November meeting, as they expressed confidence that inflation was moving sustainably toward their 2% target, according to meeting minutes released Wednesday.
Participants highlighted several factors expected to maintain downward pressure on inflation, including diminishing business pricing power, the Fed’s restrictive monetary policy stance, and well-anchored long-term inflation expectations.
