Fed Officials Eye Higher Rates as Inflation Persists

The Federal Reserve is considering raising interest rates to combat high inflation, according to minutes from their July meeting.

While 9 out of 12 policymakers voted to keep the key rate unchanged at around 3.6%, many officials think higher rates will be necessary if inflation persists.

This comes as inflation has shown some signs of cooling, but gas prices have rebounded due to renewed hostilities in the Middle East.

The average long-term U.S. mortgage rate eased for the second week in a row, but remains elevated compared to last year, at 6.65% for 30-year fixed-rate mortgages.