WASHINGTON (AP) -- Worried about rising inflation, Federal Reserve officials at their meeting in June thought the Fed's next move on interest rates was likely to be up.Documents, released Wednesday, provided insights into the Fed's thinking at the June 24-25 session, when they ended a nearly yearlong string of rate reductions, aimed at bolstering a teetering economy. At that time, Fed Chairman Ben Bernanke and his colleagues were increasingly concerned that galloping energy and food prices could spread inflation through the economy, so they left the Fed's key rate at 2 percent.
"With increased upside risks to inflation and inflation expectations, members believed that the next change in the stance of policy could well be an increase," according to the documents.
However, with all the economic uncertainty, the timing of any such increase was far from clear, the documents suggested.
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