Fed officials saw need for rate hike if inflation doesn't cool, minutes show

TL;DR

Many Federal Reserve officials believed policy tightening would be necessary if inflation did not decline.
Some officials felt financial conditions were not sufficiently restrictive to lower inflation to the 2% target.
The Federal Open Market Committee voted 9-3 to keep the federal funds rate at 3.5%-3.75%.
Three regional presidents dissented, advocating for a quarter percentage point increase.
Discussions included potentially changing the FOMC meeting schedule from eight to six per year.
The board also discussed an intermeeting incident involving a disruption to transaction settlements.

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