The Federal Reserve sent a shiver down the spines of markets today after the minutes from their meeting last month were finally released.

The Details: The transcript of the Fed’s March meeting revealed that the it was far closer to raising the Fed Funds rate by a half a point in response to soaring inflation.

‘Many participants noted that one or more [half-percentage-point] increases in the target range could be appropriate at future meetings, particularly if inflation pressures remained elevated or intensified.’ The minutes noted.

The minutes also revealed that the Fed plans on significantly reducing its asset holdings, a move many economists fear could eventually lead to a recession.

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