The Fed minutes showed many policymakers still felt that another rate increase this year “was likely to be warranted” but several noted that additional tightening was dependent on upcoming inflation data.
“Many participants expressed concern that the low inflation readings this year might reflect… the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted,” the Fed said in its minutes.
“The FOMC minutes indicated that the board was still profoundly divided about the slow pick up in prices,” Stephen Innes, head of trading in Asia-Pacific at Oanda, said in a note.
“As always, the Fed will continue to watch the data as we move into December,” he wrote.
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