Fed officials expect another rate hike will be needed this year: meeting minutes

Federal Reserve officials anticipate that another interest rate hike will likely be necessary this year to combat inflation. According to minutes from the central bank's most recent meeting, officials unanimously agreed that inflation remains elevated. They noted that significant progress toward their 2% target has not been achieved in recent months. Consequently, most officials expect further rate increases to be required to ensure inflation returns to the desired level as outlined in the meeting minutes.