Fed policymakers’ inflation concerns increased at July meeting, minutes show

Concern about inflation deepened at the Federal Reserve’s July meeting, with several policymakers ready to raise interest rates and many saying a hike in borrowing costs would be needed if inflation does not decline to the U.S. central bank’s 2% target, according to the minutes of the session. The policymakers who favored a rate increase remarked that price pressures appeared broad-based and judged that the Committee should adopt a more restrictive policy stance to meet its commitment to achieving its price-stability and maximum employment goals on a sustained basis.

The Fed voted at that meeting to hold its benchmark interest rate in the current 3.50%-3.75% range, but with three dissenting policymakers in favor of a quarter-percentage point hike.

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