Fed: First rate hike "approaching"
Source: USA Today
Federal Reserve policymakers said last month they were "approaching" the central bank's first interest rate hike in nearly a decade but needed to see further improvement in the economy and labor market, according to minutes of the Fed's July 28-29 meeting.
Several Fed officials also expressed particular concerns about stubbornly low inflation and the possibility that it may not accelerate even as slack, or excess supply, in the economy diminishes.
The meeting summary provides a no clear signal of when the Fed will raise its benchmark rate for the first time in nearly a decade, though many economists expect it will act at its September 16- 17 meeting.
The minutes portray a Fed eager to raise rates amid steady job growth and a near-normal 5.3% unemployment rate, but hesitant to make a premature move that derails the recovery, especially with inflation still weak.
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Read more: http://www.usatoday.com/story/money/2015/08/19/fed-meeting-minutes/31990843/
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What a HUGE surprise, who could have imagined this happening? 