Fed Officials Ponder Higher Rates to Combat Persistent Inflation

The Federal Reserve's July meeting minutes revealed that many officials believe higher interest rates will be necessary if inflation continues to remain high. The minutes, released on August 19, do not provide a specific count of how many policymakers support this view.

Only the 12 voting members out of 19 Fed officials can vote on the outcome. According to the minutes, these officials think that increasing interest rates will help combat inflation if it doesn't subside in the coming months.