Fed Minutes Show Interest Hikes May be Nearing End

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he Federal Reserve said the end of their interest-rate hikes “was likely to be near,” while citing the need to keep guard against inflation, according to the minutes of the Federal Open Market Committee’s March 27-28 meeting, released Tuesday.

The forecast prepared for the meeting showed the gross domestic product “expanding briskly” in the first quarter, while economic growth was expected to moderate later this year “to a more sustainable pace,” the FOMC’s minutes said.

“The need for further policy firming would be determined by the implications of incoming information for future activity and inflation,” the minutes said.

Excluding utilities, industrial production posted a sizable gain in January before flattening out in February, pointing to a solid rise in first-quarter growth, the FOMC said.

The March meeting was the second of eight FOMC meetings scheduled for this year. The next is planned for May 10.