'Many' Fed officials think higher rates will be needed if inflation stays high
Summary
Many Federal Reserve officials believe they will need to raise short-term interest rates soon if inflation remains high, according to meeting notes from late July. At that meeting, the Fed decided to keep rates steady at about 3.6%.Key Facts
- Federal Reserve officials met on July 28-29 to discuss interest rates.
- The key short-term interest rate was kept at about 3.6% during that meeting.
- The vote was 9 in favor, 3 against keeping rates unchanged.
- Many officials think rates will need to rise if inflation does not go down.
- Only 12 of the 19 policymakers have voting power in the rate decisions.
- The minutes do not say exactly how many officials supported raising rates.
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