The Globe and Mail reports in its Thursday, May. 25, edition that U.S. Federal Reserve officials "agreed" last month that the need for more interest-rate increases "had become less certain," with several saying last month's rate hike might be the last, according to minutes of the May 2 meeting released on Wednesday. A Reuters dispatch to The Globe reports that others cautioned the Fed needed to keep its options open given the risks of persistent inflation. "Several participants noted that if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary," the minutes said, adding weight to expectations the Fed is likely to pause its aggressive rate-hike campaign at the June 13 meeting. Yet there was division about the path ahead. With Fed staff continuing to project a mild recession later this year. Yet "almost all" also saw upside risks to inflation, and "many participants focused on the need to retain optionality" to either hold rates steady or increase them. New projections will be published at the end of next month's meeting, but the most recent data have given little clarity about where the Fed's inflation battle is heading.