A recent meeting of the Federal Open Market Committee resulted in a unanimous decision to raise interest rates. This move was widely supported, with all participants in the meeting backing the increase. The reason for this decision was largely driven by inflation, with estimates suggesting a significant rise in prices over the past year.

Further details are available from the meeting minutes, which were released on Wednesday. These minutes provide insight into the committee's decision-making process and their expectations for future interest rate changes.

The committee's next steps will depend on incoming data, but most participants believe another rate increase may be necessary before the end of the year.