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Fed minutes: Some members were against December interest-rate hike

Greg Robb

Some Federal Reserve officials wanted the central bank to hold policy steady in December amid the rise in financial market volatility, according to the minutes of their December policy meeting released Wednesday. The FOMC did vote unanimously to raise interest rates by a quarter-point to 2.25%-2.5%, but the minutes show some dissent in favor of a pause. Going forward, "many" officials said the FOMC could be "patient" about further policy firming, the minutes said. In general, officials judged that "a relatively limited amount of additional tightening likely would be appropriate." Despite the market turmoil, Fed officials remained upbeat about the economic outlook, making little change despite the market volatility. Contacts in a number of Fed districts "were less upbeat."