Federal Reserve officials agreed at their June policy meeting that they would have to increase the speed and size of their interest-rate hikes to cool the economy and curb high inflation, according to minutes of the meeting released Wednesday and reported on by The Wall Street Journal.
"Participants concurred that the economic outlook warranted moving to a restrictive stance of policy," the minutes said. A "restrictive stance" refers to rates high enough to slow economic growth.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The Mastermind: Josh O’Connor stars in unconventional art heist movieThe Week Recommends Kelly Reichardt cements her status as the ‘queen of slow cinema’ with her latest film
-
The 8 best dark comedies of the 21st centuryFrom Santa Claus to suicide terrorism, these movies skewered big, taboo subjects
-
France’s ‘red hands’ trial highlights alleged Russian disruption operationsUNDER THE RADAR Attacks on religious and cultural institutions around France have authorities worried about Moscow’s effort to sow chaos in one of Europe’s political centers
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
Fed cuts interest rates a quarter pointSpeed Read ‘The cut suggests a broader shift toward concern about cracks forming in the job market’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
