Federal Reserve officials believe the best way to encourage a steady U.S. economy is to raise interest rates gradually, according to minutes released Wednesday of the central bank's most recent policy meeting.
The report on the Sept. 25-26 Federal Open Market Committee session showed that rate-setting officials maintain confidence in the rate of growth and have some concern about the effects tariffs might have on the future path.
The report comes after President Trump has criticized the Fed for moving too fast on rate increases.
The committee voted to approve a quarter-point hike to its benchmark rate target, with members indicating that more increases are on the way. The increase took the target range to 2 percent to 2.25 percent.
"With regard to the outlook for monetary policy beyond this meeting, participants generally anticipated that further gradual increases in the target range for the federal funds rate would most likely be consistent with a sustained economic expansion, strong labor market conditions, and inflation near 2 percent over the medium term," the minutes read.