US markets hit as Fed fails to give clear signal on rate hike

Only one member voted for a hike in July

US markets closed lower overnight as the Federal Reserve minutes failed to clearly indicate that rates would begin moving upwards in September.

In its minutes from the 28-29 July meetingm the Fed said conditions for a hike are "approaching", but there is trepidation about firming rate policy too soon as pressures on inflation and the fallout in China weigh on members' decisions. Only one member voted for a hike last month. "Most [officials] judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point," the minutes said. Economists advising the Fed had lowered their growth and inflation outlooks for the US economy, as the falling US dollar and declining oil...