The Fed is ready to move faster on interest rates
CNN
The Federal Reserve is ready to raise interest rates at a faster pace to get a handle on America's pervasive inflation problem, according to minutes from the central bank's March meeting released Wednesday.
The minutes said "many participants" at the Fed's meeting in March noted they would have preferred a 50-basis point increase to the federal funds rate in light of high inflation.
Instead the Fed raised the benchmark rate by 25 basis points to a range of 0.25%-0.5% last month, its first interest rate increase since 2018. The move came after the Fed announced the wind-down of its pandemic stimulus late last year.
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