The minutes of the November 1 meeting of the Federal Open Market Committee show that the Federal Reserve may not need to raise interest rates further, although an increase remains possible. All members agreed that rates should remain tight for some time and that caution should be exercised. According to the minutes, data over the next few months will help clarify how far the disinflation process is progressing. Following the release, markets reduced the odds of a rate cut in May to around 60%.
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