Fed sees ‘more restrictive’ policy as likely if inflation fails to come down, minutes say

(CNBC) Federal Reserve officials in June emphasized the need to fight inflation even if it meant slowing an economy that already appears on the brink of a recession, according to meeting minutes released Wednesday. Members said the July meeting likely also would see another 50 or 75 basis point move on top of a 75 basis point increase approved in June. A basis point is one one-hundredth of 1 percentage point.

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