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Fed Minutes Suggest A Rate Hike Could Come As Soon As September

The Eccles Building, which houses the U.S. Federal Reserve in Washington, D.C.

The next interest rate hike could come as soon as September, suggest the minutes from the Federal Reserve's July meeting.

Committee members were torn regarding the economic outlook of the country and when to increase short-term interest rates—some central bankers wanted to wait for inflation to rise to 2% while others worried about the job market, wanting to wait for a full recovery, the Wall Street Journal reports.

The Fed won’t commit to a move until members are in agreement. “Members judged it appropriate to continue to leave their policy options open and maintain the flexibility to adjust the stance of policy based on incoming information,” the minutes read. [WSJ]