Worries about rising inflation dominated the US Federal Reserve's July meeting, as "several" policymakers pressed for interest rate hikes, saying it was needed if inflation did not fall to the U.S. central bank's 2% target, Reuters report based on the minutes of the Federal Reserve's July meeting session.
Members of the FOMC who backed the rate hike "remarked that price pressures appeared broad-based and judged that the (policy-setting) Committee should adopt a more restrictive policy stance to meet its commitment to achieving its price-stability and maximum employment goals on a sustained basis," the minutes of the July 28-29 meeting said. If not done, it would risk "a steeper and potentially more costly sequence of tightening moves at a later stage", they noted.
