Fed officials expect higher rates for some more time

As the battle against inflation remain in place, US central bankers do not expect it will be "appropriate" to start cutting interest rates this year.

While the Fed had slowed its pace of rate increases in December after several steep rate hikes, the minutes of the latest Federal Reserve policy meeting report shows officials were also concerned about any "misperception" of their moves.

The Fed has waged an all-out campaign to cool the world's biggest economy as inflation surged to a 40-year high last year, raising the benchmark lending rate seven times to ease demand.

This brought the rate to a range between 4.25 and 4.50 percent after the Fed's December meeting, the highest level since 2007.