The market was shown by the publication of the December edition of the Federal Reserve (Fed) policy meeting minutes report early this morning.
Here are the main details taken from the minutes:
The central bank decided to raise interest rates by 50 basis points at its December meeting.
However, the central bank's focus is still on efforts to control price increases.
Concerned about any 'misperception' by financial markets that their commitment to fighting inflation is weakening.
Policymakers expect high interest rates to remain until more progress is made.
Policymakers emphasize the need for flexibility in policy transitions that mean they can implement smaller or larger increases in rates.
The risk of higher inflation is seen as a 'key factor' shaping the policy outlook.
Interest rates which are currently in the range of 4.25%-4.50%, are projected to increase to over 5% by the end of 2023 and may remain so for some time.
Overall, there is no clear indication of the Fed's next decision, but the central bank remains committed to its fight against inflation.
Markets are now placing expectations for an increase of 25 or 50 basis points at a meeting scheduled for early February.
