NATIONAL NEWS

Federal Reserve minutes: Some officials wanted to raise interest rates last month

Jul 5, 2023, 11:08 AM

File - Federal Reserve Chair Jerome Powell attends a news conference following a Federal Open Marke...

File - Federal Reserve Chair Jerome Powell attends a news conference following a Federal Open Market Committee meeting, Wednesday, June 14, 2023, at the Federal Reserve Board Building in Washington. On Wednesday, the Federal Reserve releases minutes from its June meeting when it chose not to raise its benchmark borrowing rate for the first time in 15 months in its fight against inflation. (AP Photo/Jacquelyn Martin, File)
Credit: ASSOCIATED PRESS

(AP Photo/Jacquelyn Martin, File)

WASHINGTON (AP) — Some Federal Reserve officials pushed to raise the Fed’s key interest rate by one-quarter of a percentage point at their meeting last month to fight high inflation, though the central bank ultimately decided to forgo a rate hike.

In a sign of growing division among the policymakers, some officials favored a quarter-point increase or said they “could have supported such a proposal,” according to the minutes of the June 13-14 meeting released Wednesday. In the end, the 11 voting members of the Fed’s interest-rate setting committee agreed unanimously to skip a hike after 10 straight increases. But they signaled that they may raise rates twice more this year, beginning as soon as this month.

In Fed parlance, “some” is less than “most” or “many,” evidence that the support for another rate hike was a minority view. And some who held that view were likely unable to vote at the meeting; the 18 members of the Fed’s policymaking committee vote on a rotating basis.

Though the vote was ultimately unanimous, it is uncommon for the Fed to stipulate in minutes that some officials disagreed with the committee’s decision.

National News

Alyssa Milligan participates in the Bike Ride Across Wilson County in conjunction with the Tennesse...

Associated Press

New cars are supposed to be getting safer. So why are fatalities on the rise?

NASHVILLE, Tenn. (AP) — Alyssa Milligan was someone who intuitively knew when another person needed help, encouragement or a kind word. Although she was new to Tennessee, the 23-year old physical therapy student, whose mother called her “Sweet Alyssa,” had already made many close connections, especially within the tight-knit cycling community around Nashville — before […]

5 hours ago

Bridge to Calculus summer program participants, from left, Steven Ramos, Kevin Dang, Kevin Tran, Pe...

Associated Press

America’s poor math skills raise alarms over global competitiveness

BOSTON (AP) — Like a lot of high school students, Kevin Tran loves superheroes, though perhaps for different reasons than his classmates. “They’re all insanely smart. In their regular jobs they’re engineers, they’re scientists,” said Tran, 17. “And you can’t do any of those things without math.” Tran also loves math. This summer, he studied […]

6 hours ago

A no-trespassing sign hangs on a gate outside a private property, Thursday, Sept. 21, 2023, in Pomf...

Associated Press

Leaf-peeping influencers are clogging a Vermont backroad. The town is closing it

POMFRET, Vt. (AP) — Social media influencers take note: You won’t be able to snap that fall foliage selfie at a popular Vermont spot. The town has temporarily closed the road to nonresidents due to overcrowding and “poorly behaved tourists.” The normally quiet dirt road from Pomfret to Woodstock, home to the frequently photographed Sleepy […]

6 hours ago

Associated Press

With a government shutdown just days away, Congress is moving into crisis mode

WASHINGTON (AP) — With a government shutdown five days away, Congress is moving into crisis mode as Speaker Kevin McCarthy faces an insurgency from hard-right Republicans eager to slash spending even if it means curtailing federal services for millions of Americans. There’s no clear path ahead as lawmakers return with tensions high and options limited. […]

6 hours ago

FILE - United Auto Workers members walk the picket line at the Ford Michigan Assembly Plant in Wayn...

Associated Press

Biden is headed to Michigan to join the UAW picket line. He’s all-in on showing his union bona fides

WASHINGTON (AP) — President Joe Biden’s decision to stand alongside United Auto Workers picketers Tuesday on the 12th day of their strike against major carmakers underscores an allegiance to labor unions that appears to be unparalleled in presidential history. Experts in presidential and U.S. labor history say they cannot recall an instance where a sitting […]

6 hours ago

Associated Press

California governor signs law barring schoolbook bans based on racial, gender teachings

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom signed a bill Monday to ban school boards from rejecting textbooks based on their teachings about the contributions of people from different racial backgrounds, sexual orientations and gender identities. Newsom called the measure “long overdue.” “From Temecula to Tallahassee, fringe ideologues across the country are attempting to […]

8 hours ago

Sponsored Articles

Swedish Cyberknife...

September is Prostate Cancer Awareness Month

September is a busy month on the sports calendar and also holds a very special designation: Prostate Cancer Awareness Month.

Ziply Fiber...

Dan Miller

The truth about Gigs, Gs and other internet marketing jargon

If you’re confused by internet technologies and marketing jargon, you’re not alone. Here's how you can make an informed decision.

Education families...

Education that meets the needs of students, families

Washington Virtual Academies (WAVA) is a program of Omak School District that is a full-time online public school for students in grades K-12.

Emergency preparedness...

Emergency planning for the worst-case scenario

What would you do if you woke up in the middle of the night and heard an intruder in your kitchen? West Coast Armory North can help.

Innovative Education...

The Power of an Innovative Education

Parents and students in Washington state have the power to reimagine the K-12 educational experience through Insight School of Washington.

Medicare fraud...

If you’re on Medicare, you can help stop fraud!

Fraud costs Medicare an estimated $60 billion each year and ultimately raises the cost of health care for everyone.

Federal Reserve minutes: Some officials wanted to raise interest rates last month