ANKARA (AA) – US Federal Reserve officials expect to slow the pace of interest rate increases soon, according to the minutes of its last meeting that were released Wednesday.

“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” according to minutes from the central bank’s last monetary policy meeting on Nov. 1 – 2.

Members of the Federal Open Market Committee (FOMC) also considered a cumulative tightening of monetary policy to date, the lags between monetary policy actions and the behavior of economic activity and inflation, and economic and financial developments.

On Nov. 2, the Fed made a rate hike of 75 basis points for the fourth consecutive time, carrying the target range for the federal funds rate to between 3.75% and 4% — its highest since January 2008.

The probability of the Fed raising rates by 50 basis points stood at 76%, according to the FedWatch Tool provided by US-based global markets company the Chicago Mercantile Exchange Group. The probability of a hike of 75 basis points was 24% after the release of the minutes.

While the Fed’s aggressive monetary tightening has been crushing for US stocks, especially for tech firms, the minutes said “a few participants commented that slowing the pace of increase could reduce the risk of instability in the financial system.”