Fed Officials Eye Higher Rates Amid Persistent Inflation

The Federal Reserve officials believe that higher interest rates may be necessary if inflation persists at its current level.

According to the minutes of the Fed's meeting on July 28-29, released last week, many officials think that the central bank will have to lift its key short-term interest rate in the coming months if inflation doesn't subside.

The minutes showed that only 12 of the 19 policymakers vote on the outcome, and they voted 9-3 at the meeting to keep their key rate unchanged at about 3.6%.