Most Federal Reserve officials at a September meeting expected at least one more interest rate hike before the end of this year, according to the meeting's minutes released on Wednesday.
At the joint meeting by the Federal Open Market Committee (FOMC) and the Board of Governors of the Federal Reserve System on Sept 15 and 16, the FOMC unanimously decided to raise the target range for the federal funds rate by 25 basic points to 3.75-4 percent, in support of the Federal Reserve's dual mandate.
Most participants at the meeting assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end, indicating that another interest rate increase is expected this year.
Inflation remains elevated relative to FOMC's 2 percent goal, reflecting insufficient progress in reducing inflation over the past few months.
The minutes for each regularly scheduled meeting of the FOMC are generally published three weeks after the day of the policy decision.
US Fed may raise interest rate again this year: September minutes
