Fed Officials Grow Impatient as Inflation Persists, Minutes Show

Minutes from the U.S. Federal Reserve's last policy meeting reveal a growing sense of frustration among officials over the slow pace of progress in bringing inflation under control. According to the record of the gathering, this impatience led several policymakers to advocate for raising interest rates in July.

The document indicates that while the central bank has been engaged in a prolonged effort to cool price pressures, the lack of tangible improvement has tested the patience of many on the committee. The minutes suggest that the debate over the appropriate policy response has become more pronounced, with a notable faction pushing for immediate action.

In other developments, President Trump issued a fresh warning in the ongoing standoff with Iran, vowing on Wednesday to impose "tremendous economic consequences" on any country that continues to do business with Tehran. The threat adds another layer of tension to an already fraught international situation.

Separately, the Trump administration abruptly scrapped a plan on Wednesday that would have recruited retiring Pentagon lawyers to represent unaccompanied minors in immigration court. The decision reverses an initiative that had been seen as a way to address a shortage of legal counsel for migrant children.

Also on Wednesday, President Trump met with cryptocurrency executives at the White House, expressing support for an industry that has generated significant wealth for his family. He called on Congress to pass a major cryptocurrency bill, signaling a potential policy push in the coming months.