Fed's July minutes expose a 9-3 split and a hike that's on the table if inflation lingers
July's FOMC minutes show the Fed's most fractured policy vote in years: a 9-3 hold at 3.5%-3.75%, with the Cleveland, Dallas and Minneapolis presidents pressing for an immediate quarter-point hike. Many participants said tightening would likely be needed if inflation doesn't cool, and some doubted policy is restrictive enough. Markets have since pushed expectations of a hike to December.