The Federal Reserve appears likely to raise its key interest rate next week, with minutes from the central bank's most recent meeting showing some officials wanted to raise rates last month.
The Federal Reserve appears likely to raise its key interest rate next week, with minutes from the central bank's most recent meeting showing some officials wanted to raise rates last month.hiking rates in June, minutes of the last meeting show that some officials pushed to raise rates by one-quarter of their percentage points, or said they"could have supported such a proposal," according to the minutes.
Though last month's vote to keep rates unchanged was unanimous, it is relatively uncommon for the central bank to stipulate in the minutes of Fed meetings that some officials had disagreed with the committee's decision. That makes it more likely the committee will raise rates this month, noted Ryan Sweet, chief U.S. economist at Oxford Economics.
The Fed's key interest rate stands rate at about 5.1%, the highest level in 16 years. But inflation remains high, and the economy is proving more resilient than Fed officials have expected.
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