The Federal Reserve has released minutes of its Dec. 14 to 15 meeting, causing the stock market to plummet in response to the revelation that officials are considering implementing earlier interest rate hikes than previously expected. The document, released on Wednesday, indicates a broad consensus within the Fed that the institution must speed up the proposed rate hikes from previous expectations in order to mitigate inflation. The document reads, “Participants generally noted that, given their individual outlooks for the economy, the labor market, and inflation, it may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated.” The meeting’s participants also expressed a will to reduce the monthly rate of asset purchases by the Treasury Department, with a goal to end net asset purchases altogether by mid-March. This reflects a greater sense of urgency than the findings of November’s meeting. The …