The Fed will release the minutes of its November interest rate policy meeting at 3 a.m. Beijing time on Thursday. The minutes of the meeting will release signals related to peak interest rates in the context of high inflation.

At the end of the November FOMC meeting, Federal Reserve Chairman Powell told reporters that future interest rate changes are likely to be higher than the quarterly expectations made at the previous September meeting.

At the interest rate meeting in November, the FOMC voting committee unanimously decided to raise the benchmark interest rate to 3.75% Mur4%, the highest level since 2008. Subsequently, Powell said at a press conference: "A series of new data released since the last meeting show that terminal interest rates will be higher than previously expected."

Judging from Powell's remarks at the previous press conference, the signal to the market was clearly hawk, sending a triple message of higher end point, longer duration, future or discussion of a retreat.

It is crucial for market investors how FOMC votes view the relationship between recent inflation data and the ultimate goal of interest rate changes in the country. Officials of the committee will update their forecasts at a meeting on December 13-14 local time.

Karim Basta, chief economist of the III Capital Management, said: "I am very curious how many supporters will support a higher rate increase than expected in September at the FOMC meeting in November."

Basta believes that there will be a consensus on raising interest rates in the minutes. But as Powell said after the meeting, the FOMC board will not agree that future interest rate changes need to be higher than expected in September. "

In addition, some economists pointed out, "since the beginning of this year, the FOMC management committee has been very United in formulating monetary policy." The minutes of the November meeting may show the consensus among policy makers that the Fed needs to slow raising interest rates, but the consensus on the end point may be limited. "

On the policy front, the Fed has adopted aggressive monetary tightening this year, including raising interest rates by 75% (three times the usual size) in each of the past four policy meetings.

Powell said after the November FOMC meeting that the Fed may slow its rate hike in December.

Exactly when Fed officials will be satisfied with the progress of inflation to stop raising interest rates altogether is more important to the country's financial markets and economy.

Labor Department CPI data for November suggest that the decline in inflationary pressures in the country may have begun to decline. But the latest inflation data may not be enough to offset the new problems caused by the recent rise in labour vacancies in the country's market, prompting Mr Powell's comments that the Fed will still raise interest rates.

Marc Giannoni, chief economist at Barclays, said: "the continued strength of the labour market is another factor for the Fed to consider and may be the reason for its expectations of raising future interest rates.

Giannoni pointed outThe monthly US job vacancy data released before the FOMC meeting in November showed that the country's labor demand was falling, while the data released after the meeting showed that the number of labor vacancies in the market rose again.

"so far, we have seen quite strong numerical changes in labor demand in the market, indicating that the U.S. labor market still has a strong internal driving force," Giannoni said. "

According to futures contract market prices, the market now expects the fed to raise interest rates by 50 basis points at its December meeting, raising the target range of benchmark interest rates to 4.25% to 4.5% and reaching a peak of around 5%. By contrast, the Fed had expected interest rates to peak at 4.5% to 4.75% in September.

Cleveland Fed Chairman Loretta Mestre and San Francisco Fed Chairman Mary Daley expressed support for the expected rate hike.

"I don't think market interest rate expectations really deviate, and a peak of 5 per cent is a good starting point for the Fed to understand how high interest rates are needed to restore price stability," Mr Mestre said. "