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Fed Officials Suggest Faster Rate Hikes, Admit Inflation Is ‘Very High’: Fed Minutes

by Andrew Moran

The Federal Reserve plans to move forward with multiple 50-basis-point interest rate hikes to fight inflation, minutes from the May Federal Open Market Committee (FOMC) policy meeting revealed on May 25.

According to the minutes, committee members said the first-quarter economic construction offered “little signal about subsequent growth,” noting that they think real gross domestic product would expand “solidly” in the second quarter.

Inflation risks still captured the Fed’s attention as officials said they’ve been “highly attentive” to the issue. FOMC members said the central bank needs to shift monetary policy toward a more “restrictive” position “depending on the evolving economic outlook and the risks to the outlook.”…

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