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Widening Fed Consensus on Inflation Overshadows Rate-Hike Debate

  • Minutes of July meeting show apathy toward inflation threat
  • Longer-term uncertainties replace resolved near-term risks
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What We Learned From Today's Release of the Fed Minutes

For all of their differences, one thing most Federal Reserve officials seem to agree on is that there’s not much risk of inflation running away from them anytime soon, regardless of what they do with interest rates.

Most on the 17-member Federal Open Market Committee responsible for setting U.S. interest rates in late-July "saw relatively low risk that a further gradual strengthening of the labor market would generate an unwanted increase in inflationary pressures,” according to minutes of that meeting published Wednesday in Washington.