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The Federal Reserve reaffirmed that it is unlikely to take its foot off the pedal as it continues to raise interest rates until inflation eases in a meaningful way, with officials indicating that it will “take some time” before a reversal in monetary policy, according to the minutes from the central bank’s latest policy meeting.

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Fed officials “emphasized” that a slowdown in demand would “play an important role” in reducing inflationary pressures, with most participants saying that it would likely “take some time” before the “bulk” of monetary policy tightening has a meaningful impact.

Though there was little specific guidance for future rate increases, some officials acknowledged that there was a risk that the central bank could raise rates and tighten financial conditions by more than necessary.

The Federal Reserve raised interest rates by 75 basis points at its last policy meeting in July—the second such rate hike in as many months—in an effort to bring down inflation, which remains “elevated” and is yet to decline in a “meaningful ” way.

While Fed officials have been so far adamant that they will keep raising interest rates until surging inflation is brought under control, investors are unsure how quickly the Fed will keep raising rates—and for how long.

Some experts have predicted the central bank will slow or reverse the pace of rate increases by next year, driven by recent economic data showing that consumer prices cooled slightly in July—rising 8.5% on an annual basis, down from 9.1% the prior month.

Going into Wednesday, traders were almost evenly split on whether the Fed will raise rates by another 75 basis points in September, as opposed to a smaller 50 basis point increase, according to CME Group data.