A few opposed near term hike on weak inflation outlook.
Meeting included broad inflation debate.
A few participants said rate hike should be delayed until data showed inflation was clearly on a path to 2%.
"Many participants" observed that weak inflation could prove persistent and may reflect drop in inflation expectations.
Some worried Fed could undercut inflation expectations by hiking with inflation below target.
'A couple' participants discussed alternative frameworks for inflation, like price-level targeting
Most participants continue to believe tighter labor market will ultimately lead to inflation
May said employment is at or close to full employment.
There is a dovish tinge but it's among the minority. The US dollar dipped to session lows but bounced right back.
The next 3-4 months are critical for the Fed. If there isn't a pickup in inflation, they're going to hit the pause button until it comes.
Jr Trader Alexander Kumanov
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