Newly released minutes from the Federal Reserve Open Market Committee's late July meeting revealed central bankers' concerns.

All three major stock indexes were headed for losses in Wednesday's final hour of trading, dragged down in part by concerns from Federal Reserve officials about rising near-term inflation and elevated asset valuations.

Chicago Federal Reserve Bank President Austan Goolsbee on Friday left the door open to supporting an interest-rate cut in September should fresh data prove reassuring, but said recent reports showing a rise in services inflation give him some pause amid what he calls the "stagflationary" impulse from tariffs.

Businesses maintained their inflation expectations at +2.3%, on average, in August vs. July, according to an Atlanta Fed survey released on Wednesday. Sales levels and profit margins "compared to normal" rose last month,

"The hardest thing that the Fed ever has to do is get the timing right at moments of transition,” Goolsbee said on NBC News’ “Here’s the Scoop” podcast.

South Africa's rand was little moved on Wednesday, despite the country's highest inflation reading for 10 months, as investors awaited minutes from the Fed's July meeting and a symposium later this week that could provide U.

Here's what new data from the producer price index says about where inflation is headed, according to economists.