(Bloomberg) -- Federal Reserve officials are on track to raise interest rates a quarter percentage point next month and signal a potential pause from the steepest hiking campaign in decades. Williams was the only member of Fed leadership to publicly discuss monetary policy before the blackout period commenced Friday midnight. It could spark more disagreement down the line among Fed officials about how to proceed. Investors expect the Fed will hike rates by 25 basis points next month from a current target range of 4.75% to 5%, according to futures pricing. “We are much closer to the end of the tightening journey than the beginning,” Cleveland Fed President Loretta Mester said Thursday.