A "majority" of Federal Reserve officials believed the central bank could raise interest rates if inflation stays high, according to the minutes from the central bank's April 28-29 policy meeting. Why it matters: It suggests that a larger constituency than previously known is backing the possibility of higher interest rates, with the fallout from the Iran war stoking quicker price increases ahead of Kevin Warsh becoming Fed chair. Between the lines: The Fed held rates steady last month, thoug