Fed Minutes Show Urgency for Raising Rates to Tame High Inflation
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Federal Reserve officials thought they would need to raise interest rates by a half percentage point at each of their next two meetings when they approved an increase at their meeting earlier this month.

Minutes from the Fed’s May 3-4 meeting, released Wednesday, also showed officials discussed the possibility they would raise interest rates to levels high enough to deliberately slow economic growth as the central bank races to combat high inflation.

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