Minutes from the US Federal Reserve's May meeting reveal that policymakers called for a big rate hike to be kept in place for the coming months in an effort to curb inflation. The officials had already agreed during the meeting on an increase of half a percentage point, the biggest in 22 years.

The minutes released on Wednesday show that "most policymakers judged that 50 basis point increase in the target range would likely to be appropriate at the next couple of meeting."

The officials repeatedly expressed concerns about inflation triggered by Russia's invasion and accelerated by China's coronavirus lockdowns.

Fed officials usually decide on short-term rate hikes based on the latest data. The decision to set the direction of their policy months in advance shows they believe inflation is a serious threat to the economy.