Fed officials said at the July meeting that they may continue to raise interest rates in an effort to combat inflation, according to minutes released on Wednesday. 

The minutes shows: “With inflation remaining well above the Committee’s objective, participants judged that moving to a restrictive stance of policy was required to meet the Committee’s legislative mandate to promote maximum employment and price stability."

Many experts have criticized the Fed's monetary policy as being too aggressive and may cause an economic recession. The minutes of the meeting wrote: "Participants judged that, as the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation."

After the release of the minutes of the Fed meeting, the crypto market remained calm. 

According to Bitpush terminal data,Bitcoin was hovering around $23,500, with 24-hour volatility of less than 2%.

By Mary Liu