U.S. central bankers discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the Federal Reserve’s last policy meeting showed on Wednesday.

The Fed has been raising rates gradually since 2015 and policymakers are now concerned the economy is so strong that inflation could rise persistently above the central bank’s 2 percent target.

Fed officials at the July 31-Aug. 1 policy meeting held rates steady, but their discussion left clear they are considering another rate hike soon. The Fed has raised rates twice this year.

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