Federal Reserve officials were split at their meeting earlier in May on whether additional interest rate hikes are needed to lower chronically high inflation, according to minutes released Wednesday.

"Several participants noted that if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary," minutes from the U.S. central bank's<a href="https://foxbusiness.com/economy/fed-raises-interest-rates-quarter-point-recent-banking-turmoil" target="_blank"> May 2-3 meeting</a> said.

At the same time, "some" policymakers noted that chronic inflation means "additional policy firming would likely be warranted at future meetings."&nbsp;

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Federal Reserve officials are split over whether to pause their aggressive interest-rate hike campaign at the June policy-setting meeting, minutes showed.{ai:summary}The Federal Reserve discussed increasing interest rates to combat inflation at their May meeting. However, officials were split on whether additional hikes were necessary. Some believed that further policy firming may not be needed if the economy continued on its current path, while others argued that chronic inflation required further action. #economy

Fed officials divided over additional interest rate hikes, meeting minutes show

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