Fed Officials Weigh Higher Rates if Inflation Persists

The Federal Reserve's recent meeting has left investors wondering about future interest rate hikes. According to minutes from the July 28-29 meeting, many Fed officials believe that higher rates will be necessary if inflation persists.

Inflation has shown some signs of cooling down, but gas prices have rebounded this month due to renewed hostilities in the Middle East. The minutes noted that officials were heavily focused on the threat of stubbornly elevated inflation.

At the meeting, 9-3 votes kept the key rate unchanged at about 3.6%. However, Fed officials voted to keep their options open for potential future hikes.