Policymakers started supporting slowing the pace of interest rate hikes "soon," minutes from the Federal Reserve's November meeting showed. 

"A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate," according to the minutes, adding that a slower pace would better allow the Fed to assess progress toward its goals of maximum employment and price stability. 

"The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important," the minutes continued. 

The Fed has aggressively raised interest rates to combat US inflation at 40-year highs. It's hiked the benchmark interest rate by 75 basis points four consecutive times, lifting the fed funds rate from near zero to 4% as it aims to tame inflation to its 2% target. 

According to the minutes, some officials even warned that continued rapid monetary policy tightening increased the risk of instability or dislocations in the financial system. 

"With monetary policy approaching a sufficiently restrictive stance, participants emphasized that the level to which the Committee ultimately raised the target range for the federal funds rate, and the evolution of the policy stance thereafter, had become more important considerations for achieving the Committee's goals than the pace of further increases in the target range," the minutes said. 

The discussion among officials has meant investors are expecting the Fed to hike by 50 basis points in December. That expectation has not convinced market commentators such as David Rosenberg that it's yet time for a "celebration." 

"Everyone's excited because the FOMC is going to slow the pace after a steady a diet of 75 beepers? So, going 50 basis points (and more!) into the most inverted yield curve since October 1981 is reason to be festive?" the leading economist tweeted on Wednesday.