The Federal Reserve policy panel in June saw a series of "gradual or 'measured"' interest rate rises as likely ahead but acknowledged more "aggressive" steps may be needed, according to meeting minutes released Thursday.
"Depending on the rate at which resource utilization increased and the level and trend of inflation, a more aggressive pace toward reaching a neutral policy stance might be called for so as to provide assurance of containing emerging inflationary pressures and averting the potential need for greater overall tightening," the minutes said.
The Federal Open Market Committee raised the key federal funds rate by a quarter-percentage point to 1.25 percent at the end of its June 29-30 meeting, and hiked by the same amount again at its most recent meeting Tuesday.