Despite the recession concerns, the Fed’s most hawkish officials said there might be a 75 basis point rate hike this month to control inflation.

The US Federal Reserve may continue its aggressive rate hikes this month. Fed Board Member Christopher Waller said that rate hikes are necessary to meet market expectations. “I support a 75-point rate hike in July and possibly a 50-point rate hike in September,” Waller said.

The Fed also increased by 75 basis points in June, the largest rate hike since 1994.

St. Louis Fed President James Bullard shared similar views in his speech at a different event.

While both officials stated that they found the recession concerns exaggerated, Waller said that the Fed might have to risk economic growth to control inflation.