Fed minutes warn interest rates could remain high “for some time.”

In last month's Federal Open Market Committee minutes, the central bank dampened market hopes by forecasting just three 25-basis-point interest rate cuts over the year, while futures markets are predicting six. The UK economy is teetering in recession, according to revised ONS figures. Committee members “affirmed that it would be appropriate for policy to maintain a restrictive stance for some time until inflation is clearly moving in a sustained manner toward the Committee's objective,” the minutes said. However, the Fed continued to express concerns about the risks that “overly restrictive” monetary policy could pose.