FOMC Minutes: Interest rates seem to be at or near peaks

According to the FOMC Minutes:

• Members generally perceived the inclusion of the word "any" in remarks about potential additional firming as a way to convey their assessment that rates were probably at or close to the peak of the cycle.
• According to the projections, nearly all participants indicated that their baseline suggested a lower federal funds rate would be suitable by the conclusion of 2024.
• Additionally, several participants noted that situations could justify maintaining the policy rate at its current level for a longer duration than their current expectations.