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Fed meeting minutes: If inflation remains high or rises further, a rate hike may be needed
On July 4, the minutes of the Federal Reserve meeting showed that some officials stressed the need for patience to let high interest rates continue to dampen demand, while others pointed out that interest rates "may need to be raised" if inflation remains high or rises further. "Multiple" officials said the Fed needed to be ready to respond to unexpected weakness, and several others said a further drop in demand could push up the unemployment rate, not just reduce job openings.