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Several Federal Reserve officials favored an interest-rate hike last month and many indicated that policy tightening would be necessary if inflation didn’t decline. The FOMC voted 9-3 in July to hold the benchmark federal funds rate in a range of 3.5% to 3.75%, with some officials dissenting in favor of raising rates. The release of minutes comes as the total US public debt has surpassed $40 trillion for the first time, with a surge of a third in less than five years.

On today's episode:

• Michael McKee, Bloomberg TV and Radio International Economics & Policy Correspondent
• Karen Veraa-Perry, Head of U.S. iShares Fixed Income Strategy, BlackRock
• Jim Caron, CIO, Portfolio Solutions, Morgan Stanley Investment Management