WASHINGTON, D.C.: Federal Reserve (Fed) officials at their last meeting stressed their commitment to taming "unacceptably high" inflation before announcing that they were raising their benchmark interest rate by a substantial three-quarters of a point for a third straight time and signaling more large rate hikes ahead.
In minutes from their September 20 and 21 meeting released on Wednesday, Fed policymakers judged that a "softening of the labor market" — likely including higher unemployment — would be needed to curb the United States' intense inflationary pressures. They noted that hiring remained "robust," which itself fuels high inflation as wages rise sharply.
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