Federal Reserve officials believe inflation from new tariffs is just around the corner, and that American consumers are going to pay the costs, minutes of the Fed’s July meeting show.

The meeting underscores policymakers’ reluctance to reduce a key rate until they get a clearer sense of tariff impacts.

The written account of the Federal Reserve's July meeting, released on Wednesday with a customary three-week lag, suggested officials were divided over when they could be confident that higher import costs wouldn’t lead to a period of broader,