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Fed Minutes: Yellen's Decision To Hold Off On Rate Hike Was Crucial

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

The Fed minutes reveal Janet Yellen was crucial in tipping the scales amongst a divided Fed in favor of keeping rates steady.

“A growing number of committee members are pulling in the direction of hiking, so it’s becoming increasingly harder for Yellen to hold them back,” says former Fed economist Roberto Perli, Bloomberg reports. At their September session, the Federal Open Market Committee voted 7 to 3 against increasing interest rates.

The minutes reveal several people who ultimately supported keeping rates steady said the decision was a “close call.” Economists and investors alike see a two-thirds chance of an upcoming rate hike in December. [Bloomberg]