The Fed held rates steady at the meeting after raising its benchmark rate in June to a range between 1.75% and 2%, the second such increase this year. In June, most officials penciled in a total of at least four rate increases this year. As the Fed gradually raises its benchmark federal-funds rate, describing interest-rate policy as accommodative would “at some point fairly soon…no longer be appropriate,” the minutes said. The minutes provided few new clues about how much longer Fed officials believe they will need to raise interest rates beyond its Sept. 25-26 meeting. Fed officials tabled this question last year when they agreed on a plan to shrink their $4.5 trillion portfolio of bonds and other assets.

Source: Wall Street Journal August 22, 2018 18:05 UTC