A majority of US central bankers favor raising benchmark interest rates in the near term, signalling the Federal Reserve is likely to tighten monetary policy next month, minutes from their last meeting revealed Wednesday.

But sharp disagreements persist among policymakers over the dangers of inflation and the need to raise rates, according to the minutes of the Fed's October 31-November 1 meeting.

Some members are also concerned that Wall Street's dizzying heights and record-smashing rallies could spell trouble.