Fed officials see another hike coming, but no sign as to when, minutes show

Federal Reserve officials expect they will raise interest rates again before the end of the year to head off inflation that has run above target for more than five years, according to meeting minutes released Wednesday. But the meeting summary provided no indication of when specifically policymakers expected to raise benchmark rates – only that persistently higher prices and a stable labor market likely would lead to a second hike this year. The Fed next decides on rates on Oct. 28 and then again on Dec. 9. "With regard to the outlook for monetary policy beyond the current meeting, most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end," the document stated. That position came with a note of caution.