tweet at 2:01pm: FED MINUTES: WITH MONETARY POLICY APPROACHING A "SUFFICIENTLY RESTRICTIVE" LEVEL, PARTICIPANTS EMPHASISED THAT THE FINAL DESTINATION OF THE FED FUNDS RATE HAD BECOME MORE IMPORTANT THAN THE RATE ITSELF. tweet at 2:03pm: FED MINUTES: MANY PARTICIPANTS EXPRESSED SIGNIFICANT UNCERTAINTY ABOUT THE ULTIMATE LEVEL OF THE FED FUNDS RATE REQUIRED TO CONTAIN INFLATION, WITH VARIOUS PARTICIPANTS SUGGESTING IT WAS HIGHER THAN PREVIOUSLY ANTICIPATED. tweet at 2:05pm: #FOMC: A Few Officials Wanted To See More Data Before Slowing - A Few Officials Saw Slowing Hike Pace Reducing Instability - Many Officials Saw ‘Considerable Uncertainty’ On Rate Peak $USDJPY $DXY

The Chair began with a discussion of ethical standards and acknowledged the great privilege and heavy responsibility that come with being entrusted to make policy decisions. There was agreement that the Federal Reserve can be effective only when there is a foundation of public trust. Participants reaffirmed the importance of holding themselves and their staffs accountable for knowing and following the high ethical standards that are set in the Committee’s policies, including those on financial transactions and disclosure and on external communications. Developments in Financial Markets and Open Market Operations The manager pro tem turned first to a discussion of financial market developments in the United States. Over tweet at 2:00pm: [DB] Most Fed Officials Backed Slowing the Pace of Rate Hikes Soon: BBG tweet at 2:00pm: Fed minutes: participants observed that the labour market remained tight; many noted tentative signs that it may be gradually moving toward a better balance of supply and demand. tweet at 2:00pm: FED MINUTES: PARTICIPANTS AGREED THAT THERE WERE FEW SIGNS OF INFLATION PRESSURES EASING. tweet at 2:00pm: FED MINUTES: PARTICIPANTS AGREED THAT A SLOWER PACE OF RATE HIKES WOULD ALLOW THE FOMC TO BETTER ASSESS PROGRESS TOWARD ITS GOALS "GIVEN THE UNCERTAIN LAGS" ASSOCIATED WITH MONETARY POLICY.