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Fed Minutes Show Most Officials Favored Slowing Rate Rises Soon

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WASHINGTON—Most Federal Reserve officials thought they should slow the pace of interest-rate increases after approving a 0.75-percentage-point rate rise at their meeting earlier this month to battle high inflation.Their discussion at the meeting, described in minutes of the gathering released Wednesday, suggests they could downshift to a rate rise of 0.5 percentage point, or 50 basis points, at their meeting next month.

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