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Federal Reserve officials reaffirmed their commitment to fighting inflation with big rate hikes and pledged to use “more restrictive policy” as needed, especially amid “significant risk” that high consumer prices could become “entrenched” for longer, according to the minutes from the central bank’s latest policy meeting.

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The Federal Reserve doubled down on its commitment to bringing down inflation, even if it means implementing a “more restrictive [policy] stance,” according to minutes from the central bank’s June meeting.

With surging inflation showing no signs of abating, Fed policymakers plan to raise interest rates by either 50 or 75 basis points at the upcoming meeting in July.

While tighter monetary policy “could slow the pace of economic growth for a time,” it is “critical” to achieving long-term inflation goals, central bank officials agreed, pledging to take more aggressive action even if it means hurting economic growth.

The central bank also acknowledged that there is now a “significant risk” that elevated inflation “could become entrenched” for a longer period of time, which would require more significant interest rate hikes and tighter policy.

Despite remaining optimistic about the long-term outlook for the US economy, Fed officials slashed their full-year GDP forecasts to 1.7%, down from a previous estimate of 2.8% in March.

The stock market rallied shortly after the release of the latest Fed minutes on Wednesday: The Dow Jones Industrial Average rose 0.2%, nearly 100 points, while the S&P 500 gained 0.4% and the tech-heavy Nasdaq Composite 0.4%.