Federal Reserve officials struck a tenuous agreement to pause interest-rate increases at their June meeting, all but committing to hike again later this month in a bid to keep fighting stubborn inflation.
The minutes from the Fed’s June 13-14 meeting show that while almost all officials deemed it “appropriate or acceptable” to keep rates unchanged in a 5 per cent to 5.25 per cent target range, some would have supported a quarter-point increase instead.
The readout paints a picture of an increasingly divided committee trying to navigate the pace and intensity of policy moves as rates are now in a range most economists see as restrictive. Going into the meeting, a sizable minority of policymakers had warned inflation was not falling as quickly as they expected and voiced support for more action.
The personal consumption expenditures index, less food and energy, rose at a 4.6 per cent annual pace in May, a report showed last week, virtually unchanged since the beginning of the year.
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