The Fed said it planned to raise interest rates in June, saying it would allow inflation to rise above the bank's 2% target as the economy continues to recover.The minutes of the Fed meeting from early May, released on Wednesday, showed most members believe the policy committee is likely to take another step towards getting rid of easy monetary policies if the information matches the economic outlook.The record points to a high level of controversy over the Bank's approach to inflation.Members also hinted that there is more than 90% chance of an increase in interest rates at the next meeting scheduled for next June.The US central bank raised its benchmark interest rate for the first time this year by 50 basis points to 1.75 percent to 1.75 percent.
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