Federal Reserve officials split over future path for interest rate hikes

Minutes of July policy meeting

Federal Reserve officials are still warning about “significant upside risks" to inflation, though debates over whether to implement further hikes have grown within the rate-setting committee.

After hiking interest rates to their highest level in 22 years last month, the central bank's Federal Open Market Committee minutes revealed cracks in the consensus among members. Despite the committee unanimously backing the 25bps rate hike last month, the minutes revealed that some meeting participants, which includes nonvoting members, opposed the recent hike, instead arguing the Fed should have held steady and observe how previous hikes are affecting the economy. Deep Dive: US dollar dominance remains despite 'loss of trust' "Participants generally noted a high degree of uncert...