Federal Reserve officials agreed at their meeting last month they needed to keep raising interest rates enough to slow the economy and likely would need to hold rates at that level until it was clear inflation was decelerating.
Officials voted to raise their benchmark rate by 0.75 percentage point in July, following an increase of the same size in June. Those were the largest rate increases since 1994. Several officials have indicated since the meeting that they would support lifting rates by at least a half percentage point at their next meeting in September.