WASHINGTON: Federal Reserve policymakers agree that more economic data is needed before raising interest rates, although some see a need to tighten policy soon, according to the minutes from the US central bank's July 26-27 policy meeting. "Some ... members anticipated that economic conditions would soon warrant taking another step in removing policy accommodation," the Fed said in the minutes. Fed funds futures showed little change in bets on when the Fed will lift rates, with investors still expecting the next rate increase to likely come in December. Seventeen Fed policymakers participated in the July meeting, 10 of whom had a vote. The minutes came a day after New York Fed President William Dudley said "it's possible" to raise rates at the Sept. 20-21 policy meeting and Atlanta Fed President Dennis Lockhart said a hike next month is in play.

Source: Economic Times August 17, 2016 20:03 UTC