Minutes show Fed divided over near-term rate hike

The recently released minutes from the FOMC’s July meeting indicate the board is quite divided on the prospect of a near term rate hike, despite comments earlier this week from New York Federal Reserve President William Dudley indicating the federal funds rate could be raised in September.

“In general, the economy I think is going to be better in the second half than it was in the first half,” Dudley said, in an interview with Fox Business. “I think the labor market is going to continue to tighten. And in that environment, I think we’re getting closer to the day where we’re going to have to snug up interest rates a little bit.”

Dudley’s comments came on the heels of stronger than expected job growth numbers in June and July.

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