Minutes of the Federal Open Market Committee

Minutes from the Federal Reserve's 29-30 June FOMC meeting released on 12 August showed that Fed officials had no sense that the U.S. economy had hit a "soft patch" when they met in late June and decided to raise key short-term interest rates for the first time in four years.

Some members of the committee believed the central bank should remove any discussion of future actions from its public announcement. That way, the minutes say, the Fed would have more maneuvering room later on should infl