The United States Federal Reserve’s condition on reaching maximum employment before raising interest rates “could be met relatively soon” if the labor market continues to improve “at the recent pace,” most policymakers present at the December 2021 meeting of the Federal Open Market Committee (FOMC) and the Board of Governors had stated, according to the meeting minutes made public on Wednesday. Central bankers “generally noted that… it may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated.” Some Fed officials suggested adopting “a less accommodative future stance” on monetary policy using “a measured approach” to keep flexibility and that the FOMC “should convey a strong commitment to address elevated inflation pressures.” Policymakers’ projections for the first interest rate hike have moved from the first quarter of 2023 to June 2022, the document said. “At some point” after that first interest rate increase, a reduction in the size of the Fed’s balance sheet “would likely be appropriate,” according to “almost all participants” of the meeting.