But they did not indicate when they would likely raise rates. The Fed officials believed those developments had lessened the risks for the economy in the short run. The minutes show that as a result, the officials thought a rate increase "was or would soon be warranted." "The Fed is inching closer to a rate hike, but it likely isn't there yet," said Sal Guatieri, senior economist at BMO Economics. Some Fed officials also expressed concerns that weak capital positions and sizable bad loans at some European banks could also weigh on the continent's growth prospects.

Source: ABC News August 17, 2016 18:11 UTC