-FOMC minutes
Fed officials remained divided on the timing of the first interest rate lift-off in almost a decade, the official account of the FOMC's March meeting showed. Policy makers were considering a wide range of possible rate hike dates with some of them still believing the meeting in June as an appropriate time to begin normalizing monetary policy. Others, however, favoured the first increase in the federal funds rate since the financial crisis to come later in the year as they remained unsure about how long energy-price declines and a stronger Greenback would distort inflation data. There were also a number of policy makers, who argued that the world's biggest economy would not be ready for tighter policy until 2016. The disagreement could present a challenge for Fed Chairwoman Janet Yellen in the months ahead. Yellen led officials to a unanimous decision in March to drop a pledge to be "patient", the change which effectively opened the door to rate increases by midyear. Yet tough decisions now loom about whether to move then.
Hours before the release of the FOMC meeting minutes, Fed Board of Governors member Jerome Powell said the US central bank will hike interest rates later this, but highlighted that the timing of the rate hike is less important than the path of further rate increases. Powell outlined the need to ensure that lift-offs should be gradual, given the world's number one economy "continues on its expected path".
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