The Fed Held Rates Steady In July. But Members Said They Will Need To Hike Unless Inflation Cools.

Fed officials said higher interest rates will be needed unless inflation subsides, according to the central bank's minutes. (Credit: AFP)

Federal Reserve officials said they would need to hike interest rates unless inflation cools over the next months, the central bank's minutes showed on Wednesday.

"Many participants assessed that policy tightening would likely be necessary if inflation did not decline," reads a passage of the meeting's summary.