Fed officials divided on rate hike decision, minutes reveal

Minutes from the Federal Reserve's May policymaking meeting show officials were divided on whether or not to raise interest rates to slow the economy. The decision was ultimately unanimous, but officials seem to be moving further apart. The debate is centered on concerns over inflation not cooling fast enough and the labor market’s persistent strength. The Fed’s economists also reaffirmed their forecast of a mild recession later in the year. Officials also addressed the possibility of a US default during their meeting, and have continued to express those concerns in public engagements since then.