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 (FOMC) 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.
Moreover, "several suggested that the committee would have ample time to react if inflation rose more quickly, and they preferred to defer another increase in the federal funds rate until they were more confident that inflation was moving closer to 2 percent on a sustained basis," the minutes showed. There was no specific mention of the timing of their next policy move. The next FOMC meeting is scheduled for Sept. 20-21.
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