Most Federal Reserve officials last month still regarded high inflation as an ongoing threat that could require further interest rate increases, according to the minutes of their July 25-26 meeting.
File - The flag of the Federal Reserve hangs between American flags at a news conference following a Federal Open Market Committee meeting on July 26, 2023 in Washington. On Wednesday, the Federal Reserve releases minutes from the July meeting when it raised its benchmark borrowing rate by another quarter point to 5.4%, the highest level in 22 years.
At the meeting, the Fed decided to raise its benchmark rate for the 11th time in 17 months in its ongoing drive to curb inflation. But in a statement after the meeting, it provided little guidance about when — or whether — it might raise rates again. Since last month's Fed meeting, more data has pointed in the direction of a “soft landing,” in which the economy would slow enough to reduce inflation toward the central bank’s 2% target without falling into a deep recession. The Fed has raised its key rate to a 22-year high of about 5.4%.
Overall consumer prices rose 3.2% in July compared with a year earlier, above the previous month’s pace because of higher gas and food costs. Still, that is far below the peak inflation rate of 9.1% in June 2022.
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