Fed Officials Weigh Higher Interest Rates Amid Persistent Inflation

The Federal Reserve released minutes from its July 28-29 meeting, revealing that many officials believe higher interest rates will be necessary if inflation persists.

The Fed's key short-term interest rate has been at about 3.6% since the last meeting, where a vote of 9-3 kept it unchanged.

Although the minutes don't specify how many of the 19 officials support higher rates, only 12 policymakers vote on the outcome.