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According to the minutes of the last FOMC meeting on 16/17 June which have just been published, at that time the participants regarded the risks to growth as largely "balanced". However, they warned that any assessment of the outlook should be treated with caution, says Commerzbank.
Some emphasised the risk of weaker economic activity, while others saw the strength of the labour market as a sign of an unexpectedly strong recovery after the dip in the first quarter. Several participants pointed to uncertainties arising from the Greek crisis or from growth overseas, particularly in China.
The FOMC members supported a proposal to publish an "implementation notice" in addition to the statement when raising interest rates. This will contain technical details on the use of monetary policy instruments (this probably refers to instruments such as the "reverse repo", which is supposed to support the raising of money market interest rates), says Commerzbank.
Regarding the Fed's monetary policy stance, familiar arguments were put forward. While some stressed the hazards of an overly rapid interest rate hike, others underlined the risks of changing course too late. Despite continuing disagreement over the timing of the first rate rise, the committee continued its preparations for such a move.
