Fed officials anticipate 'significant' interest rate hikes until inflation eases, minutes show


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Federal Reserve officials indicated at their July meeting that additional interest rate hikes are necessary in the coming months until policymakers see evidence that inflation has cooled "considerably."

Minutes from the U.S. central bank's July 26-27 meeting released on Wednesday show that policymakers reiterated the need to raise interest rates to a level that brings consumer prices closer to their 2% goal. Officials voted unanimously to raise the benchmark federal funds rate by 75 basis points two weeks ago.

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