Federal Reserve officials are open to further U.S. rate hikes to curb inflation.

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Some U.S. Federal Reserve officials have indicated they would be willing to raise interest rates further if inflation becomes more aggressive, according to minutes of their last meeting in early May.

Various participants mentioned their willingness to tighten policy further if risks to inflation materialize in such a way that such action becomes appropriate, according to the minutes of the Federal Open Market Committee meeting on 1 May, published Wednesday.

Prospects for a rate hike have diminished since the vote, after new inflation data last month came in colder than expected. The minutes reflect the depth of central bank officials' concerns about persistent inflation in the world's largest economy.

The Fed kept interest rates at their highest level in 23 years, between 5.25 and 5.5 percent, at the May 1 meeting, a decision that was unanimously supported by members FOMC voters.

Rate-setters indicated in their post-meeting statement that they would keep borrowing costs higher for even longer than expected after a string of disappointing numbers for January, February and March, when the inflation remained well above the Fed's 2% target.

Participants discussed maintaining the current restrictive policy for longer if inflation does not show signs of a sustainable trend towards 2 percent or reducing restrictive policy in the event of an unexpected weakening of inflation market conditions. work, according to the minutes.

The markets anticipate between one and two rate cuts by the end of 2024 and expectations have not changed after the publication of the minutes. The S&P 500 closed down 0.3 percent, regaining some ground after sliding as much as 0.7 percent after the release.

American voters have consistently expressed disapproval of President Joe Biden's handling of the economy in recent months, despite a rising stock market and continued strong labor market.

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Joe Biden vs Donald Trump: Tell us how the 2024 US elections will affect you

Biden's rival in this year's election to occupy the White House, Republican Donald Trump, has factored the rising cost of living in recent years into his campaign. The Fed's rate hike continues to leave mortgage and other borrowing costs high.

However, Consumer Price Index figures for April released after the Fed's May rate-setting meeting showed price pressures were weaker than expected.

The measure the Fed uses for its 2 percent inflation target, headline inflation in personal consumption expenditures, is also expected to decline in April. This data will be published next Friday.

Additional reporting by Kate Duguid in New York

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