During their June meeting, Federal Reserve officials highlighted the importance of doing anything in their power to bring surging prices down and hinted that a further 50 or even 75 basis points interest rate hike could be expected in July, with investors keeping their eyes wide open for more news, meeting minutes released on Wednesday said.

“In discussing potential policy actions at upcoming meetings, participants continued to anticipate that ongoing increases in the target range for the federal funds rate would be appropriate to achieve the Committee’s objectives. In particular, participants judged that an increase of 50 or 75 basis points would likely be appropriate at the next meeting,” the minutes said.

Ahead of the June 14 and 15 meeting, cost of living increases were running at a 40-year high, their highest level yet, which forced Fed officials to raise interest rates by 75 basis points in June, the first of that size since 1994. According to the statement, officials have pledged to continue to do so until inflation goes back down to 2% levels.

The minutes also added that the Fed officials will be reducing their holdings of Treasury securities, agency debt and agency mortgage-backed securities.

“Participants concurred that the economic outlook warranted moving to a restrictive stance of policy, and they recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist,” the document added.

US economy is currently standing on unsteady ground. Gross domestic product (GDP) for the nation in the first quarter fell by 1.6% and is expected to decline by 2.1% in the second quarter.

However, a sign of optimism came as Fed officials chose to lower their GDP to 1.7% in 2022 from a previous estimate of 2.8% in March.

Prior to the publication of the minutes, all three Wall Street benchmarks were fluctuating but managed to build solid gains by the end of the day. The Dow Jones Industrial Average (DJI) rose by 0.23%, the S&P 500 (SPX) gained 0.36% and the NASDAQ 100 (IXIC) grew by 0.35%.

The next Fed meeting will be held on June 26 and 27.