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.