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U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on September 21, 2022 in Washington, DC. Drew Angerer | Getty Images Federal Reserve officials have been surprised at the pace of inflation and indicated at their last meeting that they expect higher interest rates to remain in place until prices come down, according to minutes released Wednesday from the central bank's September meeting. In discussions leading up to a 0.75 percentage point rate hike, policymakers noted that inflation is especially taking its toll on lower-income Americans. They reiterated rate hikes are likely to continue and higher rates prevail until the problem is showing signs of resolving. "Participants judged that the Committee needed to move to, and then maintain, a more restrictive policy stance in order to meet the Committee's legislative mandate to promote ...

Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019. Ann Saphir | Reuters Federal Reserve Governor Michelle Bowman said Saturday she supports the central bank's recent big interest rate increases and thinks they are likely to continue until inflation is subdued. The Fed, at its last two policy meetings, raised benchmark borrowing rates by 0. 75 percentage point , the largest increase since 1994. Those moves were aimed at subduing inflation running at its highest level in more than 40 years. In addition to the hikes, the rate-setting Federal Open Market Committee indicated that " ongoing increases ... will be appropriate," a view Bowman said she endorses. "My view is that similarly sized increases should be on the table until we see inflation declining in a consistent, meaningful, and lasting way," she added in prepared rema...