Fed Minutes Reveal Support for Rate Hikes if Inflation Proves Persistent -- WSJ

Dow Jones05-21

By Nick Timiraos

Federal Reserve officials all but retired the question that had dominated their debates for the past two years -- whether to cut interest rates -- and began more seriously at their meeting last month to weigh the opposite: whether to raise them.

"A majority of participants highlighted...that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%," said minutes of the April policy meeting, released Wednesday.

The minutes of Jerome Powell's final meeting as Fed chair underscored how the Middle East conflict has reshaped the outlook on the rate-setting committee that Kevin Warsh will lead after he is sworn in at the White House on Friday. The central bank's next policy meeting is June 16-17.

Write to Nick Timiraos at Nick.Timiraos@wsj.com

(END) Dow Jones Newswires

May 20, 2026 14:03 ET (18:03 GMT)

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