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Concern about inflation deepened ​at the Federal Reserve’s meeting last month, 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, the minutes of the session showed on Wednesday.

The policymakers who favored a rate increase ‌at the meeting “remarked that ⁠price ⁠pressures appeared broad-based and judged that the (policy-setting) 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 minutes of the July 28-29 meeting said. Failure to do so, they argued, would risk “a steeper and potentially more costly sequence of ​tightening moves at a later stage.” (Read More)