Fed FOMC minutes: majority saw further rate hikes through year-end as appropriate

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The U.S. Federal Reserve Board released on the 7th the minutes of the Federal Open Market Committee meeting held on the 15th and 16th of last month. A majority of FOMC participants indicated that further rate hikes through the end of the year would be appropriate. With the Fed's 2% inflation target having gone unmet for more than five years, the minutes reflect a sense of caution over upside risks to prices, driven in part by higher crude oil prices stemming from the U.S.-Iran conflict.

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FOMC minutes show a majority saw further rate hikes through year-end as appropriate, implying a higher policy rate.