Euro and pound ignored the recently-released Fed minutes because US inflation slowed down more than expected.

As for the minutes themselves, the confidence and determination of policymakers remained unchanged, most likely due to the moderate growth in spending and production, as well as an increase in job over the past few months. Unemployment also remained extremely low, which continues to stimulate inflation.

During the meeting, there was a discussion about the possibility of recent events leading to a tighter credit conditions for households and businesses, which will put even more pressure on economic activity, hiring, and inflation. Although the degree of these effects is unclear, the committee will certainly continue paying close attention to inflationary risks and continue to fight them.

Until now, the goal of the committee is to maintain maximum employment and reduce inflation to 2%. To support these, the members decided to raise the target range for the federal funds rate to 4.75% - 5%. The Fed will continue to monitor incoming data to assess the consequences of tight monetary policy.

Additional tightening of policy may be appropriate to achieve the 2% target inflation, so the committee will consider the effects of the rate hikes on economic activity, financial changes, and inflation itself. They will also continue to reduce Treasury securities and mortgage-backed debt obligations, which was described in its previously announced plans.

In conclusion, the minutes indicate that in determining the stance of monetary policy, the committee will continue to monitor incoming information and will be prepared to adjust their stance if risks arise.