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Federal Reserve chairman Kevin Warsh speaks at news conference last month after the central bank held interest rates steady. Photo: Win McNamee/Getty Images
Many Federal Reserve officials believed that the central bank would have to raise interest rates if inflation did not ease, according to the minutes released on Wednesday from the Fed's July 28-29 policy meeting.
Why it matters: Some of the nation's top policymakers worried that interest rates weren't doing enough to restrain the economy and bring down inflation. They warned that waiting too long to raise rates could mean bigger, more painful increases down the line.
