Federal Reserve officials expressed concern at their July meeting about the pace of inflation and said more rate hikes could be necessary in the future unless conditions change, minutes released Wednesday, Aug. 16, from the session indicated.
Factors governing a possible increase include stronger economic growth and the reversal of recent supply-chain improvements or declines in commodity prices, which have been largely responsible for the slowdown in inflation.
Officials lifted their benchmark federal funds rate last month by a quarter-percentage-point to a range between 5.25% and 5.5%, a 22-year high. Investors are predicting another rate hike pause next month, but it’s not yet clear how the Fed will act. Read more.