Fed Divided on Interest Rates in July Minutes

August 17, 2017 Share Print 0

A fissure appears to be developing at the Federal Reserve over when to raise interest rates: One side is preaching caution in a low-inflation environment while another worries over the price of delaying.

The divide appeared in minutes released from the Federal Open Market Committee’s July meeting, when central bank policymakers voted to hold the target rate to a range of 1 percent to 1.25 percent. The summary portrays views that inflation ultimately will get to the Fed’s 2 percent target but is clearly not there yet.

“Some participants” who counseled patience expressed “concern about the recent decline in inflation” and said the Fed “could afford to be patient under current circumstances.” They “argued against additional adjustments” until the central bank was sure that inflation was on track

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.