Federal Reserve Powell

Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting, Wednesday, Nov. 2, 2022, in Washington.

WASHINGTON (AP) — 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 released Wednesday.

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