Fed says more U.S. rate hikes coming, but pace will slow ‘at some point’

Washington – U.S. central bankers remain committed to raising interest rates further to quell rising prices, but agreed it would be appropriate to slow the pace of the hikes “at some point,” the Federal Reserve said Wednesday.

The central bank has raised the benchmark borrowing rate four times this year, including two massive three-quarter-point increases in June and July as it tries to cool demand to lower prices that have surged at the fastest pace in more than 40 years.