Minutes from the most recent Federal Reserve meeting on interest rates come out Wednesday afternoon. The Fed kept interest rates steady in July, but there was some disagreement among those who voted. A handful of Fed officials wanted to raise the cost of borrowing. Tim Duy is among those watching to learn exactly how that played out. economist at SGH Macro Advisors, and he keeps a close eye on the Fed. Duy spoke with “Marketplace Morning Report” host Kimberly Adams for more on this. The following is an edited transcript of their conversation. Kimberly Adams: Three Fed officials disagreed with the vote to keep interest rates where they are. How common is that kind of disagreement? Tim Duy: It's been more common in recent years. We've had periods where we've had multiple Fed dissents before — last fall, for example. The reason it has become more common in the past year…

When it's not clear what the exact course of action should be, there might be strong feelings between different participants, and that can yield more dissents. Adams: With this particular set of minutes that are coming out, what are you looking for? Duy: So, this is an interesting set of minutes because we know the discussion was very much concerning inflation. It had looked like inflation was rising well above the Federal Reserve's target, and there were concerns that it was not going to fall back to target very quickly. And on top of that, there was view that the labor market had stabilized, and so there was a strong feeling among some participants that the the Federal Reserve should be raising interest rates in order to contain inflationary pressures. What we're going to be looking for is how widespread those concerns were. Adams: Since the last Fed meeting, we've…