The Federal Reserve plans to move forward with multiple 50-basis-point interest rate hikes to fight inflation, minutes from the May Federal Open Market Committee (FOMC) policy meeting revealed Wednesday.
According to the minutes, Committee members stated that the first-quarter economic construction offered “little signal about subsequent growth,” adding that they think real GDP would expand “solidly” in the second quarter.
Inflation risks still captured the Fed’s attention as officials highlighted that they have been “highly attentive” to the issue. FOMC members averred that the central bank needs to shift monetary policy toward a more “restrictive” position “depending on the evolving economic outlook and the risks to the outlook.”…