The daily business briefing: October 13, 2022

The Federal Reserve's September meeting minutes show commitment to extended rate hikes, Gannett announces broad newsroom cost cutting, and more

Jerome Powell
(Image credit: Eric Baradat/AFP via Getty Images)

1. Fed minutes show commitment to extended rate hikes

Federal Reserve officials indicated at their September meeting that inflation had exceeded their expectations and they anticipated keeping interest rates high for an extended period to bring price increases down, according to minutes of the meeting released Wednesday. Members of the central bank's Federal Open Market Committee decided they "needed to move to, and then maintain, a more restrictive policy stance in order to meet the committee's legislative mandate to promote maximum employment and price stability," the meeting summary said. The Fed decided at the meeting to raise its benchmark short-term interest rate by 0.75 percentage points, the third straight time it made such an unusually big rate hike. Officials noted that inflation was "showing little sign so far of abating."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.