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MNI: Restrictive Policy May Become Appropriate--Fed Minutes

(MNI) Washington
Minutes of the May meeting showed unanimous agreement on 50 bp hikes, no discussion of larger moves.

Federal Reserve officials think monetary policy may have to become restrictive in order to rein in inflation that has surged far above policymakers' worst fears, as they agreed unanimously to raise interest rates by 50 basis points at their May meeting, minutes released Wednesday showed.  

Many -- but not all -- FOMC participants thought additional rate hikes of the same magnitude would be warranted in the next couple of meetings. There was no discussion of larger increases and widespread agreement on the decision to begin shrinking the USD9 trillion balance sheet. 

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Federal Reserve officials think monetary policy may have to become restrictive in order to rein in inflation that has surged far above policymakers' worst fears, as they agreed unanimously to raise interest rates by 50 basis points at their May meeting, minutes released Wednesday showed.  

Many -- but not all -- FOMC participants thought additional rate hikes of the same magnitude would be warranted in the next couple of meetings. There was no discussion of larger increases and widespread agreement on the decision to begin shrinking the USD9 trillion balance sheet. 

Keep reading...Show less