Only one of the 10 Fed officials who have a vote this year was ready to hike rates in June, but that official expressed a willingness to wait "another meeting or two," according to minutes of the U.S. central bank's meeting released Wednesday. All of the other voting members said they needed more evidence that "economic growth was sufficiently strong and labor market conditions had firmed enough to return inflation to the Committee's longer-run objective over the medium term" according to the minutes. A number of Fed officials warned against a "premature" increase in interest rates. When they decide to hike, Fed officials agreed to release a separate statement to convey the operational details regarding the setting of its policy tools in part so that the market does not pore over the technical details for signals of future interest rate plans.
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