Federal Reserve officials were divided over the need for more interest rate hikes at the U.S. central bank's July 25-26 meeting, with 'some participants' citing the risks to the economy of pushing rates too far even as 'most' policymakers continued to prioritize the battle against inflation, according to minutes of the session that were released on Wednesday.
WASHINGTON, Aug 16 - Federal Reserve officials were divided over the need for more interest rate hikes at the U.S. central bank's July 25-26 meeting, with "some participants" citing the risks to the economy of pushing rates too far even as "most" policymakers continued to prioritize the battle against inflation, according to minutes of the session that were released on Wednesday.
Yet cautionary voices about the effects of continued monetary tightening appeared to play a more prominent role in the debate at last month's policy meeting, an indication that the spread of opinion at the Fed has widened as policymakers weigh evidence that inflation is falling and judge the potential damage to jobs and economic growth if rates are raised higher than necessary.
In general, the minutes said, Fed policymakers agreed that the level of uncertainty remained high, and that future interest rate decisions would depend on the "totality" of data arriving in "coming months" to "help clarify the extent to which the disinflation process was continuing" - a possible indication of a more patient approach to any further rises in borrowing costs.
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