Minutes published Wednesday show Fed officials' inflation concerns deepened at the July meeting. Several policymakers were prepared to raise rates, and many said raising borrowing costs would be necessary if inflation does not return to the Fed's 2% target. Officials favoring hikes said price pressures appeared broad-based and urged a more restrictive policy stance to secure price stability and maximum employment, warning that failure to act could require a later sequence of larger, costlier tig

Minutes published Wednesday show Fed officials' inflation concerns deepened at the July meeting. Several policymakers were prepared to raise rates, and many said raising borrowing costs would be necessary if inflation does not return to the Fed's 2% target. Officials favoring hikes said price pressures appeared broad-based and urged a more restrictive policy stance to secure price stability and maximum employment, warning that failure to act could require a later sequence of larger, costlier tightenings. A broad set of participants indicated policy would likely need to tighten further if inflation does not fall.