FOMC minutes lift dollar

The Federal Reserve Open Market Committee (FOMC) minutes were published on Wednesday. They showed that Fed policy makers were split several ways over when the timing of when to lift start lifting interest rates. Some FOMC officials believed June was the appropriate time to hike rates based on the improved economic outlook of the United States, while others wanted to wait, even until 2016.

The minutes were in line with comments from Fed officials recently who said the US central bank could still hike rates this year. Several FOMC members judged that the economic data and outlook were likely to warrant beginning normalisation at the June meeting. Some Fed officials worry that if rates are kept too low for too long, it could lead to difficult-to-control inflation.

Interest rates in the US have been kept at close to 0% since late 2008, at the start of the financial crisis. The dollar was trading higher after the release of the minutes.

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