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Fed minutes show officials are not likely to consider pulling back on interest rate hikes Updated: 2022-08-18 09:12:50 KST

The U.S. Federal Reserve reaffirmed that it would not consider pulling back on interest rate hikes until inflation comes down substantially.

According to minutes from their July meeting, which were released Wednesday, officials have expressed their resolve to bring down inflation.
This comes as data shows that the pace of sales at U.S. retailers was unchanged in July, as persistently high inflation and rising interest rates forced many households to spend more cautiously.
According to the Commerce Department, retail purchases were flat last month, following a zero.8 percent rise in June.
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