At the June Federal Reserve Open Market Committee (FOMC) meeting, interest rates were increased by a further 0.25% to 1.00-1.25%.
According to the minutes, most policymakers stated that the recent softness of inflation readings had little bearing on underlying inflation trends. Several members also saw recent increases in import prices as consistent with inflation rising over the medium term.
Several members, however, were concerned that recent softness in inflation might persist due to limited pass-through from resource utilisation.
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