Fed minutes signal rate hikes

Minutes from the Federal Reserve's latest policy meeting reveal that a majority of officials are prepared to raise interest rates if inflation remains persistently high.

The hawkish sentiment is fueled by economic shocks from the Iran war and a surge in energy costs that have complicated the central bank's outlook.

JPMorgan CEO Jamie Dimon echoed these concerns, warning that interest rates could climb much higher than current levels.

The prospect of further tightening has rattled global bond markets, sending yields to multi-year highs.