Federal Reserve officials decided last month to keep raising interest rates for longer to prevent inflation from getting worse, even if that slowed the U.S. economy.
The minutes of the Federal Open Market Committee s June 14 -- 15 policy meeting released Wednesday in Washington said that policymakers increased interest rates by 75 basis points last month and backed hiking them by 50 or 75 basis points at their next meeting in July. They viewed the central bank's credibility to control inflation as important.
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