Fed divided over next rate hike

Committee members believe more data is needed

The US central bank's Federal Open Market Committee (FOMC) are divided on when to implement its next rate rise, according to minutes from its latest meeting.

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...