A June pause in rate hikes would be a close call for Fed officials, minutes of last meeting show

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Federal Reserve officials were divided earlier this month on whether to pause their interest rate hikes at their upcoming meeting in June, according to the minutes of their May 2-3 meeting. “Several [policymakers] noted if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary” — Fed parlance for a pause — the minutes said. At the same time, “some” officials said that the persistence of high inflation meant that “additional [rate hikes] would likely be warranted at future meetings.” Yet in the language used in the minutes, “several” is considered to be more than “some,” suggesting that those favoring a pause may have the upper hand.