U.S. Federal Reserve officials have reportedly recognized the need to keep raising key interest rates to contain soaring inflation.

According to minutes from a meeting held on June 14 and 15 that were released on Wednesday, the policymakers agreed on the need for the Fed to raise its benchmark interest rates to "restrictive" levels.

The officials also agreed that if inflation persisted, an even more restrictive stance could be appropriate.

According to the minutes, the Fed officials acknowledged that the rate hikes could slow the economy, but suggested they were necessary to restrain price increases.

Last month, the Fed raised its key rate by three-quarters of a point to a range of one-point-five percent to one-point-75 percent, the biggest single increase in nearly three decades.

At the time, Federal Reserve Chairman Jerome Powell said the Fed will probably choose between a half-point and three-quarters of a point hike at its meeting in July.