The Fed sees a rate hike as necessary if inflation does not moderate
Three members of the Federal Open Market Committee voted to raise rates at the July meeting, according to the central bank's minutes.
The Federal Reserve's Federal Open Market Committee had three members vote in favor of raising interest rates at the July meeting, according to the central bank's minutes. The Fed sees a rate hike as necessary if inflation doesn't decrease, with many members believing that monetary policy would need to be tightened if inflation doesn't decline.
The committee ultimately voted 9-3 to keep the federal funds rate at 3.5-3.75%, with three regional presidents, Beth Hammack, Lorie Logan, and Neel Kashkari, voting for a 0.25% increase. The latest US inflation data shows a rate above the Fed's 2% target, with the personal consumption expenditures price index at 3.7% annually in June.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
