Fed minutes show broad agreement on continuing plan for rate hikes

Most Federal Reserve officials remained committed to “continuing a gradual approach” to raising their benchmark interest rate, according to minutes of Fed policy makers’ December meeting. The central bank’s Federal Open Market Committee’s members debated the risks facing the economy, with some remaining concerned that inflation was still below the target of 2 percent. Others noted that growth and hiring remained strong, supporting the case for continuing to raise rates from historically low levels set to lower borrowing costs and help lift the economy out of the Great Recession. The meeting was Janet Yellen’s last as Fed chair.

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