Topline
A majority of Federal Reserve officials warned that interest rate increases could be on the way if inflation remains above target levels, as a new policymaking board chaired by President Donald Trump’s nominee Kevin Warsh appears less likely to cut rates, according to minutes from the Federal Open Market Committee’s April meeting released Wednesday.
The latest interest rate decision saw the most dissent in decades.
AFP via Getty Images
Key Facts
The FOMC, which voted 8-4 to hold interest rates between 3.5% and 3.75%, had a “majority” of participants stressing that a rate hike may be appropriate if inflation persisted above the central bank’s 2% goal, minutes show.
A majority of officials stated there is an “increased risk” that inflation will take longer to return below 2% than previously expected.
This is a developing story.