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The Marriner S. Eccles Federal Reserve building stands in Washington, D.C. Photographer: Andrew Harrer/Bloomberg

Federal Reserve officials agreed at their gathering this month that they need to raise interest rates in half-point steps at their next two meetings, continuing an aggressive set of moves that will leave them with flexibility to shift gears later, if needed.

While highlighting the “strong commitment and determination” of all policymakers to restoring price stability, the minutes, released Wednesday, of the meeting on May 3 to 4 showed officials were attentive to financial conditions as they prepared to raise rates further.

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