USA

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The catalyst for tighter monetary policy is the performance of the labour market, which the Fed said had been surprisingly strong over the year. The July meeting minutes revealed policy makers believed the labour market had improved at a faster than anticipated rate. But they remained concerned about “still-elevated levels of long term unemployment and workers employed part time for economic reasons as well as low labour force participation.”
The minutes also suggested that policy makers anticipate a slow rise in price pressures noting: “several participants continued to believe that inflation was likely to move back to the Committee’s objective very slowly, thereby warranting a continuation of highly accommodative policy as long as projected inflation remained below 2 per cent and longer-term inflation expectations were well anchored.”
But the impressive annualised 4 per cent growth rate for the economy during the second quarter has had some economists arguing for the Fed to raise rates sooner.
At the last Fed meeting, Philadelphia Fed president Charles Plosser was the first to dissent on keeping rates low, arguing that there had been “considerable economic progress”.
July marked the sixth straight month of the US adding more than 200,000 jobs, but the solid rate of growth had slowed from June and did not reflect the kind of rapid pace of improvement that would have put pressure on the Fed. Wage growth also remained stagnant, which has disappointed policy makers.
http://www.ft.com/cms/s/0/b75fd09a-288d-11e4-8bda-00144feabdc0.html#ixzz3AyITgPN5