Fox Business reports that Federal Reserve officials are prepared for another rate hike:
“Federal Reserve officials raised concerns during their May policy-setting meeting that progress on inflation is stalled, while “many” questioned whether policy was restrictive enough to tame price pressures within the economy.
“Minutes from the U.S. central bank’s May meeting released Wednesday showed that officials are prepared to keep rates elevated for longer after a string of disappointing inflation readings in the first three months of the year — and willing to hike again if needed.
“Participants noted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum, and assessed that it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2 percent,” the minutes said.”
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