A Federal Reserve official said there was a strong argument for raising interest rates by a half percentage point at the central bank’s meeting earlier this month given the strength of economic demand and persistently high inflation pressures.
Fed officials unanimously approved an increase in its benchmark federal-funds rate of a quarter point, or 25 basis points, to a range between 4.5% and 4.75%, at the conclusion of their most recent policy meeting on Feb. 1.
