The new date is Jul 6, 2022.
The minutes from the central bank's latest policy meeting show that the Federal Reserve is committed to fighting inflation with big rate hikes and pledged to use "more restrictive policy" as needed.
The Fed could raise rates by the end of the month.
According to minutes from the central bank's June meeting, the Fed doubled down on its commitment to bring down inflation even if it means implementing a "more restrictive" policy stance.
The Fed plans to raise interest rates by either 50 or 75 basis points at the upcoming meeting in July.
While tighter monetary policy could slow the pace of economic growth for a time, central bank officials agree that it is critical to achieve long-term inflation goals.
There is a risk that elevated inflation could become entrenched and require more significant interest rate hikes and tighter policy according to the central bank.
Despite remaining optimistic about the long-term outlook for the U.S. economy, Fed officials slashed their full-year GDP forecasts to 1.7%, down from a previous estimate of 2.8%
Shortly after the release of the latest Fed minutes, the stock market rallied, with the S&P 500 gaining 0.8% and the tech-laden NASDAQ gaining 0.8%.
According to the latest Fed minutes, participants agreed that the economic outlook needed to be moved to a restrictive stance of policy. The risk of elevated inflation becoming entrenched was judged to be a significant risk by many participants.
In June, the Fed raised interest rates by 75 basis points, the largest increase in 28 years, in order to combat red-hot consumer prices. The central bank is considering a 75-basis-point increase for the next meeting in July according to Fed Chair Powell.
Quincy said that markets want to hear what the Fed has in mind if economic data releases continue to signal a deeper more serious downturn. Although behind the curve initially, the Fed's restrictive policy is working and markets hope that will change by the next meeting.
Markets reacted last time the Fed hiked rates.
Powell said the Fed could hike rates by 75 basis points again.
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