Fed minutes show inflation remained elevated as growth continued

Federal Reserve officials said inflation remained elevated at their July 28-29 meeting, while labor market conditions stayed stable and the economy continued to expand. Consumer inflation was 4.1% in May, with core inflation at 3.4%.

Treasury yields rose during the period as investors anticipated higher interest rates. The dollar strengthened, while U.S. stocks edged lower and oil prices increased amid heightened Middle East tensions.

Read the full story at federalreserve.gov.