Fed Weighs Higher Rates Amid Persistent Inflation

The Federal Reserve is considering raising interest rates if inflation persists, according to minutes from its July meeting. The central bank's key short-term interest rate was kept unchanged at about 3.6%.

Twelve of the nineteen policymakers vote on the outcome, but the minutes do not provide specifics on how many supported higher rates. Inflation has shown some signs of cooling, although gas prices have rebounded this month due to renewed hostilities in the Middle East.

Wall Street investors now expect the Fed to remain on hold at its next meeting in September and potentially lift rates in December, though that outlook could change.