FOMC Minutes Show Divide on Rate Hike Timing

Fed officials were divided on the timing of an increase in the federal funds rate, according to minutes from the Federal Open Market Committee’s July 26-27 meeting. The committee noted “moderate” economic expansion and strong job gains in July, but based their decision to keep rates as is on the need to further monitor job reports and “global and financial development.” One committee member voted for a July rate hike, while “some other members anticipated that economic conditions would soon warrant taking another step in removing policy accommodation.”