Federal Reserve officials were split at their meeting earlier in May on whether additional interest rate hikes are needed to lower chronically high inflation, according to minutes released Wednesday.

"Several participants noted that if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary," minutes from the U.S. central bank's May 2-3 meeting said.

At the same time, "some" policymakers noted that chronic inflation means "additional policy firming would likely be warranted at future meetings." 

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