WASHINGTON (MarketWatch) — Most Federal Reserve officials thought the satisfaction of the economic conditions required for an interest-rate hike were “approaching,” according to minutes from the July meeting released Wednesday. The meeting minutes suggested that a September rate hike was a live option. By a 10-0 vote, Fed policy makers on July 29 decided to keep rates between zero and 0.25%, where they have been since December 2008. But the undercurrent of the discussion showed broad support for an increase in interest rates. Supporters of a rate hike made several arguments, including that an appreciable delay in a tightening monetary policy would spark inflation or financial instability. A minority of Fed officials counseled patience, noting that there were no grounds to think inflation would move back to the 2% annual target, particularly because of the strong dollar and recent drop in crude-oil prices. The minutes were released early after a news outlet broke the 2 p.m. Eastern time embargo.
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