The Dow Jones Industrial Average added nearly 70 points today after the Federal Reserve's meeting minutes from June showed that the Fed is committed to bringing down inflation, which has remained stubbornly high this year. The Fed's minutes reiterated the fact that the Fed's rate-setting committee plans to raise the Fed's benchmark overnight lending rate, the federal funds rate, by another half to three-quarters of a percentage point at its meeting later this month. The Fed's minutes also said "that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist," and "that elevated inflation could become entrenched if the public began to question the resolve of the Committee to adjust the stance of policy as warranted."
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