Fed rate hike: officials see smaller rate hikes coming ‘soon’

A majority of US Federal Reserve policymakers found that a slower pace of interest rate hikes would "likely soon be appropriate," according to the minutes.

The Fed has embarked on an aggressive path to cool demand and bring down prices as inflation in the world's biggest economy surged to the highest level in decades, raising the benchmark borrowing rate six times this year.

With inflation hovering around 7.7 percent, the latest policy meeting in early November produced a fourth consecutive three-quarter point interest rate hike, a major rise.

The minutes noted that the smaller hikes would give policymakers a chance to evaluate the impact of the succession of rate hikes. The central bank’s next interest rate decision is Dec. 14.