US Federal Reserve Ponders Rate Hikes Amid Inflation Concerns

Concerns over inflation dominated the US Federal Reserve's July meeting, according to minutes released. Several policymakers expressed support for interest rate hikes if inflation doesn't fall to the central bank's 2% target.

The Fed decided to keep its benchmark interest rate unchanged at 3.50%-3.75%, but three members dissented in favor of a 25-basis-point rate hike.

Policymakers also discussed potential overhauls of the Fed's operational procedures, including reducing the number of meetings from eight to six per year.