A Federal Reserve official said Monday he would support raising interest rates in half-percentage-point increments for several more meetings, adding to a growing debate over how far and fast the central bank should push up borrowing costs to combat high inflation.
The U.S. central bank raised interest rates by a half percentage point, or 50 basis points, on May 4, the first half-point increase since 2000. Officials have signaled similar moves are very likely at their next two meetings, in June and July.
