FOMC minutes show officials open to rate hikes if inflation persists

Minutes from the U.S. Federal Reserve's policy meeting three weeks ago revealed that officials decided to hold the benchmark interest rate at 3.5-3.75%, citing inflationary pressures from rising energy prices and uncertainty in the Middle East despite ongoing economic growth. While Chairman Jerome Powell and eight other members voted in favor of the hold, Stephen Miran argued for a rate cut. Additionally, Beth Hammack, Neel Kashkari, and Lorie Logan opposed the inclusion of an easing bias in the policy statement. A majority of Fed officials stated that they would need to consider raising interest rates if inflation continues to run above the 2% target. Many also argued for abandoning the previous rate-cut stance and signaling that the next policy move could be a hike.