Fed divided over next rate hike

Minutes from the meeting, which took place between 26-27 July, revealed some members wanted to "wait for more evidence inflation would rise to 2% on a sustained basis" while others felt "economic conditions would soon warrant taking another step in removing policy accommodation". While a rate rise is still likely before the end of the year, it is unclear as to when it might take place. The minutes suggested a rate increase could be possible as early as next month, but the committee will not make any decisions until a stronger consensus can be reached. In July, the Fed which is chai...