Investing.com – Most Federal Reserve policymakers supported the notion that interest rates will have to be raised in the “near-term”, according to the minutes of the Fed's last policy meeting on Oct. 31 - Nov. 1 released on Wednesday.
“Many participants thought that another increase in the target range for the federal funds rate was likely to be warranted in the near term”, the Fed said in the minutes.
The details of the meeting, at which the U.S. central bank voted to leave rates unchanged also showed that several Fed members said future rate increases would depend on data showing that the trend of sluggish inflation subsided.
"Several participants indicated that their decision about whether to increase the target range in the near term would depend importantly on whether the upcoming economic data boosted their confidence that inflation was headed toward the Committee’s objective," the minutes noted.
The release of the minutes had a muted reaction on markets as the dollar retreated further, spurring an uptick in gold prices.
The dollar fell 0.80% to trade at 93.14, while Gold Futures, rose 0.98% to $1,294.50