Almost every member of the Federal Open Market Committee was on board with lifting interest rates "fairly soon" so long as job market and inflation data came in line with expectations, minutes of the two-day Fed meeting ending Nov. 8 released Thursday show.
That's consistent with market expectations of an interest-rate hike at the Fed's December meeting. There appears to be the beginning of a debate of how high to lift rates next year, with "a few" questioning the timing of further gradual increases.
And it's clear the Fed wants to preserve optionality, with "many" saying it might be appropriate in future meetings to change the language in the statement to put greater emphasis on the evaluation of incoming data in determining the course of interest rates, and get rid of the phrase "further gradual increases."
The Fed at the November meeting held its target of a federal funds rate between 2% and 2.25%.