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Fed Divided on Interest Rates in July Minutes

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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

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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