Federal Reserve officials appear on track to extend their run of interest-rate hikes when they meet next month, shrugging off advisers’ warnings of recession with a bet that they need to do more to curb inflation.

Minutes of last month’s policy meeting showed officials dialed back expectations of how high they’ll need to lift rates after a series of bank collapses roiled markets last month.

Still, officials raised their benchmark lending rate a quarter point to a range of 4.75% to 5%, as they sought to balance the risk of a credit crunch with incoming data showing price pressures remained too high.