Most Fed officials say they favor slower rate hikes

Most Federal Reserve officials at their last meeting favored reducing the size of their interest rate hikes “soon” — just before raising their benchmark rate by a substantial three-quarters of a point for a fourth straight time.

The central bank’s policymakers saw “very few signs that inflation pressures were abating.” Still, a “substantial majority” of the officials felt that smaller rate hikes “would likely soon be appropriate,” according to the minutes of their Nov. 1-2 meeting.

The Fed is widely expected to raise its key short-term rate, which affects many consumer and business loans, by a halfpoint when it next meets in mid-december.