Fed Members Anguish Over Rate-Hike Timing

Federal Reserve members found themselves at a crossroads during their pivotal March meeting, torn between hiking rates in June, September—or even waiting until 2016, according to meeting minutes released Wednesday.

Ultimately, the Federal Open Market Committee opted to make a key linguistic move, dropping the word “patient” from previous post-meeting statements concerning the approach to raising interest rates.

While the record showed all but one member agreed with losing “patient,” there was less of an accord about how to proceed down the real path of tightening monetary policy.