The deteriorating inflationary environment and concern about a loss of faith in the U.S. Federal Reserve's power to remedy the situation has prompted central bank officials to stress their readiness to continue raising interest rates to tamp down price pressures, according to the minutes of the latest policy meeting released Wednesday.

The minutes confirmed the July meeting may see another hike of 50 or 75 basis points. 

The Federal Open Market Committee last month implemented the most aggressive interest rate increase in nearly 30 years, raising the benchmark borrowing rate by 0.75 percentage points, as policymakers cited worries that price pressures had shown no signs of easing, according to the record of the June 14-15 meeting.

The U.S. consumer prices surged 8.6 percent in the 12 months to May, defying the Fed's hopes that the pace of price increases had peaked in the spring. 

Many policymakers said there was "a significant risk... that elevated inflation could become entrenched if the public began to question the resolve of the Committee," according to the minutes. 

But the minutes made clear the officials don't plan to let up in their efforts to cool the economy, at least through the end of the year. 

Wall Street stocks pushed higher following the release of the minutes. The Dow Jones Industrial Average was up 0.22 percent, the S&P 500 climbed 0.36 percent and the Nasdaq Composite rose 0.35 percent.

Market watchers said investors were pleased to see the tough line on inflation, although Briefing.com analyst Patrick O'Hare noted the Fed's stance was a restatement of its posture in recent statements. 

"It's more because it had been such a terrible first half of the year," O'Hare said of Wednesday's gains. "We got so oversold in the month of June. The market is just looking for a ray of hope." 

(With input from agencies)