The minutes of the Federal Reserve didn’t tell us anything we didn’t already know. To summarize: price growth is slowing, but inflation is still alarmingly above 2%. Therefore, interest rates should continue to rise. February’s quarter-point increase received unanimous support, but several members wanted rates to rise at a more aggressive pace.

Even when investors heard these warnings earlier, markets fell. The Dow Jones industrial average lost 0.26% and the S&P 500 fell 0.16%, but the Nasdaq rose 0.13%, supported by a 12.5% ​​jump in Palo Alto Networks. However, a bigger sell-off in markets suggests that investors hoping for a dovish tone in the minutes have been disappointed.

Moreover, there are troubling signs that the Fed is becoming more aggressive in its fight against inflation. In the words of Krishna Guha, head of global policy and central bank strategy at Evercore ISI, though, “there was no effort to signal a return to the 50bp pace within minutes.” But let’s recall that the meeting took place before the Fed received information about the unusual picture of the labor force in January, the higher than expected value of the consumer price index and the recovery of retail sales.

So it might be wiser to heed more recent comments from Fed officials like Loretta Mester and James Bullard, who both favor a 50 basis point hike. Bullard even believes that the US economy can remain on top despite the turbulence caused by rising interest rates. Despite the Fed’s hawkishness, signs point to a no-landing scenario, which should give investors some comfort.