Federal Reserve officials at their last meeting stressed their commitment to taming “unacceptably high’’ inflation before announcing that they were raising their benchmark interest rate by a substantial three-quarters of a point for a third straight time and signaling more large rate hikes ahead.
In minutes from their Sept. 20-21 meeting released Wednesday, the Fed policymakers judged that a “softening of the labor market’’ — likely including higher unemployment — would be needed to curb the nation's inflationary pressures. They noted that hiring remained “robust," which itself fuels high inflation as wages rise sharply.
