The Federal Reserve released minutes on Wednesday from its policy meeting held on July 28-29. This gathering marked the second meeting for Chairman Kevin Warsh as head of the US central bank.
The records revealed broadening support for higher borrowing costs to stamp out lingering price pressures. Several Federal Reserve officials favored an interest-rate hike during the meeting.
Many officials indicated that policy tightening would be necessary in the coming months if inflation does not decline or subside.