The meeting underscores policymakers’ reluctance to reduce a key rate until they get a clearer sense of tariff impacts.

Top Federal Reserve officials generally expect inflation to increase in the near term, according to minutes of the July meeting released on Wednesday. The only questions were how big the gain would be,

The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.