Several members of the Federal Reserve favored raising interest rates at the central bank's policy meeting last month, even as most supported holding rates steady, according to minutes from the meeting released Wednesday.
Those who favored raising rates noted that price pressures appeared broad-based and thought rates should be higher to restrict the economy and bring down inflation.
Three voting members of the Fed — Cleveland Fed president Beth Hammack, Dallas Fed president Lorie Logan, and Minneapolis Fed president Neel Kashkari — dissented, preferring to raise rates by a quarter percentage point. Since the meeting, other officials have spoken, including Kansas City Fed president Jeff Schmid, who also suggested that rates should be higher to rein in inflation.
Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments
Most participants supported holding rates steady and believed forthcoming data before the next policy meeting would offer more clarity and reduce uncertainty about the inflation outlook.
#members #favored #policy
Those who favored raising rates noted that price pressures appeared broad-based and thought rates should be higher to restrict the economy and bring down inflation.
Three voting members of the Fed — Cleveland Fed president Beth Hammack, Dallas Fed president Lorie Logan, and Minneapolis Fed president Neel Kashkari — dissented, preferring to raise rates by a quarter percentage point. Since the meeting, other officials have spoken, including Kansas City Fed president Jeff Schmid, who also suggested that rates should be higher to rein in inflation.
Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments
Most participants supported holding rates steady and believed forthcoming data before the next policy meeting would offer more clarity and reduce uncertainty about the inflation outlook.
#members #favored #policy
2 months ago
