Fear of inflation led to larger interest rate hikes in the Fed in June

WASHINGTON — Federal Reserve officials agreed at their meeting last month that they needed to raise interest rates faster and to levels high enough to slow economic growth due to the deteriorating inflation picture.

Officials voted to raise the reference rate by 0.75 percentage points in June, a larger increase than their half-point deduction in May and the largest increase since 1994. Officials expected to raise interest rates by either half a percentage point or 0.75 points at their later collection. this month, according to the minutes of the Fed’s meeting 14-15. June, published Wednesday.