The Fed will continue to tighten despite risks to growth, meeting minutes reveal
Federal Reserve officials were resolute about the need to continue to hike their benchmark policy interest rate despite seeing downside risks to economic growth, according to minutes of the June policy meeting released Wednesday.
Officials agreed to a rare 75 basis point hike in the Fed funds rate in June – the largest rate hike since 1994 – and “judged that an increase of 50 or 75 bp would likely be appropriate at the next meeting.” The May CPI data – released during the central bank’s blackout period – “indicated that inflation pressures has yet to show signs of abating, and a number of them saw it as solidifying the view that inflation would be more persistent than they had previously anticipated.
In June, Fed officials penciled in getting the policy rate up to near 3.5% by the end of this year and close to 4% in 2023.
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