The Federal Open Market Committee in December voted unanimously to raise interest rates for the fourth time in 2018.
But behind the facade of agreement, what the minutes call a “few” officials were arguing for the central bank to pause, according to minutes of that meeting released Wednesday.
They argued that weak inflation readings allowed th central bank “some latitude to wait and see” how the data developed in light of the rise in financial market volatility and increased uncertainty over the global economic outlook, the minutes show.
In the end, the voting members of the FOMC decided to push ahead with an interest-rate hike.
“Though financial conditions had tightened and global growth had moderated, [voting] members generally anticipated that growth would remain above trend and the labor market would remain strong,” the minutes said.
The voting members did say that they didn’t see the need for many more interest-rate hikes.