FOMC Minutes, 3 May

Minutes from the Federal Reserve's 3 May meeting published on Tuesday 24 May showed members saw rising inflation as a bigger threat to the economy than a series of weak economic reports and decided to raise interest rates.

``Most members regarded the recent slower growth of economic activity as likely to be transitory,'' according to the records released in Washington. ``All members regarded the stance of policy as accommodative and judged that the current level of short-term rates remained to

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