Support for rate hike may be growing

(CNN)– Newly-released notes from the Federal Reserve’s July meeting show support for a rate hike could be growing.

The notes say, “many participants assessed that policy tightening would likely be necessary if inflation did not decline.”

Rates are steady for now because nine voting members overruled three who voted for a hike last month.

The meeting minutes show FED members are monitoring the inflationary effects of the Iran war and President Trump’s tariffs.

The FED’s goal is to slow inflation to around 2% while protecting the labor market.