The minutes indicated that smaller hikes could come in the near future as the central bank assesses how earlier rate decisions have affected the economy.
“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” the minutes read. “The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.”
Speaking at a conference organized by the Central Bank of Chile on Tuesday, Kansas City Fed President Esther George said interest rates might still have to go higher as the Fed works to lower inflation and constrain consumer demand.
George’s comments echoed the tone struck by her colleagues earlier in the week, which broadly indicated that rates would continue to rise, but potentially at a slower pace.
Concern about the pace of rate hikes leading the U.S. economy into a recession has spread among traders.
Markets will stay closed on Thursday for Thanksgiving.