Fed signals rate hike despite drop in inflation
FOMC's December minutes suggest tightening despite low inflation for 'some time'
The Federal Reserve's Open Market Committee (FOMC) could move ahead with monetary policy normalisation despite a drop in inflation that is expected to persist "for some time", indicate the minutes of the committee's December meeting, published yesterday.
In its meeting on December 16-17, the FOMC tweaked its forward guidance on the Federal funds rate, saying it would be "patient" in normalising monetary policy, rather than wait for a "considerable time".
According to the minutes, falling oil
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