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Federal Reserve policymakers reached a consensus that they should postpone hiking rates until it was certain that a recent weakness in the U.S. economy's growth was short-term, but majority said that a hike was on the horizon, minutes from their previous policy meeting indicated.
Almost all FOMC officials at the May 2-3 policy meeting also voiced their inclination towards beginning the wind-down of the Fed's massive portfolio of Treasury notes and mortgage-backed securities this 2017.
White investors continue to see a rate hike close to materializing next month, the minutes indicated that the Fed's rate-setting committee generally perceived such move would depend on the economy recovering from its significant slowdown during the first quarter of the year.
Despite the cautionary tone, Fed officials signalled they expected the economy to gain momentum, clearing the way for another rate hike in June.
Fed policymakers also discussed the reasons for the Q1 slowdown and why an indicator of underlying inflation also fell further under the 2 percent target, the minutes stated.
A broader number of policymakers who are not part of the rate setting committee expressed their belief that they see a rate hike would be needed soon.
