New Delhi, May 21 -- Minutes released Wednesday show that most Federal Reserve officials at their latest meeting believed further interest rate hikes may be required if the ongoing Iran war keeps pushing inflation higher.

CNBC reported that although the Federal Open Market Committee (FOMC) again voted to maintain its benchmark interest rate in the 3.5 per cent to 3.75 per cent range, the meeting saw four dissenting votes, the highest since 1992, reflecting growing disagreement over the future direction of monetary policy.

During the meeting, officials debated how the Iran war might impact inflation and how that would influence interest rate policy. Officials remained divided on how long the price impact would last, and whether the post-...