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Federal Reserve officials struck a tenuous agreement to pause interest-rate increases at their June meeting, all but committing to hike again later this month in a bid to keep fighting stubborn inflation. The minutes from the Fed's June 13-14 meeting show that while almost all officials deemed it “appropriate or acceptable” to keep rates unchanged in a 5% to 5.25% target range, some would have supported a quarter-point increase instead. The minutes also showed that a large majority of policymakers – “almost all” – agreed that more tightening will likely be needed this year. It provided ample evidence that the Fed likely isn't done.
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