Fed minutes of the December 14-15 meeting, released on Wednesday stated that very tight U.S. labour market might warrant raising rates sooner, and indicated they could also reduce the central banks overall asset holdings to tame high inflation. Some Fed policymakers also noted that it could be appropriate to start reducing the size of the balance sheet soon after the central bank begins raising interest rates. They noted that current conditions included a stronger economic outlook, higher inflation, and a larger balance sheet and thus could warrant a potentially faster pace of policy rate normalization, the minutes said. The minutes noted many participants also judged that the appropriate pace of balance sheet runoff would likely be faster than it was during the previous normalization episode.
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