Fed Moves Toward Another Big Rate Increase

“The Federal Reserve, determined to choke off rapid inflation before it becomes a permanent feature of the American economy, is steering toward another three-quarter-point interest rate increase later this month even as the economy shows early signs of slowing and recession fears mount,” the New York Times reports.

Wall Street Journal: “The minutes showed an unusual level of agreement among the 18 officials who participate in the policy-setting meetings: All but one supported the 0.75-point increase.”

Axios: Fed officials worried about inflation becoming “entrenched.”