Fed Minutes Show Possibility of More Rate Hikes

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he Federal Reserve may need more interest rate increases to continue to tame inflation, according to the minutes of the Federal Reserve Open Market Committee’s Jan. 31 meeting, which were released Tuesday.

“In the view of some members, the possibility of additional policy moves was reinforced by readings on core inflation and inflation expectations that were somewhat higher than was desirable over the long run,” the FOMC minutes said.

Members also expressed concern about the risks to inflation from tighter labor markets, busier factories and higher energy costs, Bloomberg reported.

The meeting was the first of eight scheduled FOMC meetings scheduled for this year. The next Fed meeting is set for March 27-28.