FOMC members see 'timing and size' of future rate adjustments based on data
The minutes from the joint meeting of the Federal Open Market Committee and the Board of Governors on December 18-19 state: "After assessing current conditions and the outlook for economic activity, the labor market, and inflation, members decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent. Members agreed that the timing and size of future adjustments to the target range for the federal funds rate would depend on their assessment of realized and expected economic conditions relative to the Committee's maximum employment and symmetric 2 percent inflation objectives. They reiterated that this assessment would take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. More generally, members noted that decisions regarding near-term adjustments of the stance of monetary policy would appropriately remain dependent on the evolution of the outlook as informed by incoming data."