Fed saw more rate hikes

WASHINGTON (Reuters) - U.S. Federal Reserve policy-makers believed more interest-rate increases would be needed to keep inflation tamped down when they nudged credit costs up three weeks ago, according to minutes of the meeting released on Tuesday.

"Even after today's action, the federal funds rate would likely be below the level that would be necessary to contain inflationary pressures, and further rate increases probably would be required," the minutes said.

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