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The Fed: Fed officials in June resolute in tightening into ‘restrictive’ territory despite risk of slower growth

Federal Reserve officials were resolute about the need to continue to hike their benchmark policy interest rate despite seeing downside risks to economic growth, according to minutes of the June policy meeting released Wednesday.

Fed officials “recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2% as critical to achieving maximum employment on a sustained basis,” the minutes said.

Officials…

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