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Fed Minutes Show Urgency for Raising Rates to Tame High Inflation
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Federal Reserve officials thought they would need to raise interest rates by a half-percentage point at each of their next two meetings when they approved an increase at their gathering earlier this month.
Minutes from the Fed’s May 3-4 meeting, released Wednesday, show that officials discussed the possibility that they would raise interest rates to levels high enough to slow economic growth deliberately as the central bank races to combat high inflation.
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