Two Federal Reserve officials said they would have supported raising interest rates by a half percentage point at the central bank’s meeting earlier this month given the strength of economic demand and inflation.

Fed officials unanimously approved an increase in its benchmark federal-funds rate of a quarter point, or 25 basis points, to a range between 4.5% and 4.75%, at the conclusion of their most recent policy meeting on Feb. 1.

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Two Fed Officials Would Have Supported Larger Rate Increase This Month

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