Most Federal Reserve officials signaled during their July policy-setting meeting that high inflation still poses an ongoing threat that could necessitate additional interest rate hikes this year.

Minutes from the U.S. central bank's July 25-26 meeting released Wednesday showed that central bank officials observed that inflation remains well above the Fed's 2% target – and that policymakers need to see "further signs that aggregate demand and aggregate supply were moving into better balance to be confident that inflation pressures were abating."

"With inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy," the minutes said. 

This is a developing story. Please check back for updates.