FOMC ready to tighten policy further, minutes show

US Fed

The US Federal Open Market Committee is considering an even “more restrictive” policy stance should inflation persist, the published minutes of its June meeting show.

The FOMC’s increase of 75 basis points in the federal funds rate on June 15 was its largest in 28 years. The committee members said they expect to raise interest rates 50–75bp at the upcoming July meeting, the minutes show.

The minutes also said FOMC members would feel more comfortable once the rate has reached the neutral

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