Fed minutes reveal growing support for rate hikes

Federal Reserve minutes reveal that several officials favored an interest-rate hike in July, with three voting in favor of the increase. While officials remain divided regarding the inflation outlook, many indicated that policy tightening is necessary unless inflation declines. These records from the central bank's most recent policy debate signal that further rate hikes are likely if inflation does not improve. The next official Fed decision is scheduled to take place in September, as reported by Bloomberg.