Federal Reserve officials in June emphasized the need to fight inflation even if it meant slowing an economy that already appears on the brink of a recession, according to meeting minutes released Wednesday.
In raising benchmark borrowing rates by three-quarters of a percentage point, central bankers said the move was necessary to control cost-of-living increases running at their highest levels since 1981.
Members said the July meeting likely also would see another 50- or 75-basis point move. A basis point is one one-hundredth of 1 percentage point.
“Participants concurred that the economic outlook warranted moving to a restrictive stance of policy, and they recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist,” the document said.
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