Federal Reserve officials have become more wary about the need to keep raising interest rates despite fearing the US central bank has not won its battle against inflation, according to minutes from its July meeting.
Officials unanimously backed a quarter-point increase at last month’s meeting. However, a number of policymakers were concerned that the risk of “overtightening” monetary policy versus not doing enough had become more evenly balanced or “two sided”, the minutes showed.
That reflected a new cautious tone from the Fed, signalling the central bank is nearing the end of its historic rate-rising campaign.
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