WASHINGTON (AP) — Federal Reserve officials earlier this month suggested that another rate hike was on the way soon, while also noting several risks facing the economy, ranging from rising wage pressures to potential harm from the Trump administration's trade policies.

The minutes of the Fed's May 1-2 meeting released Wednesday showed that officials were generally upbeat about the prospects for the economy and said that the next rate hike would "likely soon be appropriate." Many economists expect that hike to happen at the next meeting in mid-June.

Officials expressed optimism about prospects...