Fed says sharply higher rates may be needed to quell inflation
CBSN
Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and signaled that much higher interest rates could be needed to restrain price increases.
The policymakers also acknowledged that their rate hikes could weaken the economy, according to minutes from their June 14-15 meeting released Wednesday. But they suggested that such steps were necessary to slow price increases back to the Fed's 2% annual target.
The officials agreed the central bank needed to raise its benchmark interest rate to "restrictive" levels that would slow the economy's growth, and that if inflation persisted, "an even more restrictive stance could be appropriate."
As former President Donald Trump's historic criminal trial gets underway in New York this week, the CBS News Confirmed team has been tracking potentially misleading narratives that have gained some traction on social media. Here are three of the viral claims that have emerged during the trial so far and what to know about them. Regarding counsel's request that the Court adjourn on Friday, May 17th for Mr. Trump to attend his son's high school graduation and Friday June 3rd to allow a member of the defense team to attend their son's graduation, I cannot rule on those two requests at this time. It really depends on how we are doing on time and where we are in the trial. If everything is going according to schedule without unnecessary delays, then I am sure we will be able to adjourn for one or both of those days, but if we are running behind schedule, we will not be able to. Anderson Cooper: So you signed and released — a statement that said, 'I am not denying this affair because I was paid in hush money. I'm denying it because it never happened.' That's a lie?