US FOMC Minutes "Interest rates, likely to have peaked... Too rapid a rate cut carries risks"

The US Federal Reserve released the minutes of its Federal Open Market Committee (FOMC) meeting. Members said that the federal funds rate has likely peaked for this cycle. A majority of members noted the risks of cutting rates too quickly, with some saying there was a risk of stalling inflation progress. In addition, some FOMC participants were concerned that maintaining an overly restrictive stance for an extended period of time could increase downside pressures, while others cited potential risks from an accommodative financial environment. The comments echoed those made by Fed members at the January FOMC meeting, where the Fed left the federal funds rate unchanged.