ToplineA majority of Federal Reserve officials warned that interest rate increases could be on the way if inflation remains above target levels, as a new policymaking board chaired by President Donald Trump’s nominee Kevin Warsh appears less likely to cut rates, according to minutes from the Federal Open Market Committee’s April meeting released Wednesday.The latest interest rate decision saw the most dissent in decades.AFP via Getty ImagesKey FactsThe FOMC, which voted 8-4 to hold interest rates between 3.5% and 3.75%, had a “majority” of participants stressing that a rate hike may be appropriate if inflation persisted above the central bank’s 2% goal, minutes show.A majority of officials stated there is an “increased risk” that inflation will take longer to return below 2% than previously expected.To address this, “many” participants said they would prefer removing language from the committee’s post-meeting statement that suggested an “easing bias,” according to the minutes, after three of four dissenting members—the most dissenting votes during a FOMC meeting since 1992—said they opposed language implying future rate cuts.The FOMC said the Iran war would have “significant implications” for employment and inflation, and “some” officials expressed concerns that a longer conflict could result in destabilized consumer prices.This is a developing story.What To Watch ForMarkets favor the Federal Reserve’s next interest rate adjustment to be a hike, according to CME Group’s FedWatch tool. Odds of interest rates being held are overwhelming (96.8%) during the central bank’s next policymaking meeting in June, before combined odds of a hike jump to 25.3% in September, 50.4% in December and 66.1% by March 2027.What Has Trump Said About Interest Rate Hikes?Trump, when asked if Warsh would lower interest rates even as markets now favor a rate hike, told reporters on Tuesday he would let Warsh “do what he wants to do” with interest rates. That marks a reversal from earlier comments from Trump, who previously said he would be disappointed if Warsh did not cut interest rates, and his persistent criticism of former Fed Chair Jerome Powell, whom Trump consistently pressured to exit the central bank for being “too slow” to reduce rates.Further ReadingForbesJerome Powell Vows He’ll Stay On As A Fed Governor—Citing Legal ThreatsBy Ty RoushForbesFed Holds Interest Rates Steady In Powell’s Last Meeting—With Most Dissenting Votes Since 1992By Ty Roush