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Reuters

Fed officials lean against large increase to kick off rate hikes

(Reuters) -Federal Reserve officials on Friday squelched what had been rising market expectations for an aggressive initial response to 40-year-high U.S. inflation, signaling that steady interest rate hikes should be enough to do the trick. “I don’t see any compelling argument to taking a big step at the beginning,” New York Federal Reserve Bank President John Williams, the No. 2 official on the central bank’s policy-setting panel, told reporters after a speech. “I think we can steadily move up interest rates and reassess,” he said at the online event.