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Fed policymakers divided over whether to raise rates soon
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Loading...Federal Reserve policymakers agree that more economic data is needed before raising interest rates, although some see a need to tighten policy soon, according to the minutes from the U.S. central bank's July 26-27 policy meeting.
"Some ... members anticipated that economic conditions would soon warrant taking another step in removing policy accommodation," the Fed said in the minutes.
Several Fed policymakers, however, said a slowdown in the future pace of hiring would argue against a near-term hike, and members of the FOMC said they wanted to "leave their policy options open."
"The minutes contained more concrete indications that a consensus to raise rates is slowly building," said Brian Dolan, head market strategist at Drivewealth in New Jersey.
Investors will now focus on next week's annual meeting of central bankers in Jackson Hole, Wyoming, a venue the Fed often uses to telegraph policy plans.
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