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 Roses: Olivia Colman and Benedict Cumberbatch star in black comedy rebootThe Week Recommends 'Acidly enjoyable' remake of the 1980s classic features a warring couple and toxic love
-
Why reports of Donald Trump's demise are greatly exaggeratedIn The Spotlight US president has once again brushed aside rumours that he's dead
-
Lose yourself in these magnificent mazesThe Week Recommends These fiendishly clever puzzles aren't just for kids
-
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
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Trump's threats to fire Jerome Powell are unsettling the marketsTalking Points Expect a 'period of volatility' if he follows through
