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The Fed: Federal Reserve minutes indicate interest rates will have to rise high enough to slow down the economy

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Federal Reserve Board Chairman Jerome Powell speaks during the news conference following the Fed’s September meeting.

A majority of top Federal Reserve officials believe that interest rates will have to continue to increase until the economy slows down from the rising cost of borrowing, according to minutes of the central bank’s September meeting released on Wednesday.

Just how long policy would have to be restrictive was an open question, the minutes showed. A “few” officials thought policy would have to remain “modestly restrictive for a time” while an additional “number” thought policy would need to be restrictive only “temporarily.

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