Another Rate Hike Likely To Combat Inflation

WASHINGTON (AP) — Most Federal Reserve officials expect that another interest rate increase will likely be needed this year to combat inflation, minutes released Wednesday from the central bank’s most recent meeting showed. The officials unanimously agreed that inflation was still elevated and had not made much progress toward their 2% target in recent months, the minutes said. The Fed increased its key interest rate at the Sept. 15-16 meeting by a quarter-point to about 3.9%, its first increase in three years. The rate increase comes as Americans are already struggling with high costs for groceries, gas and housing, and as affordability has taken on a leading role in the upcoming midterm elections, just seven weeks away.