Fed minutes indicate a "close call"

Minutes of the Federal Open Market Committee showed a 9-1 vote on 8 August in favour of keeping interest rates on hold.

Despite the apparent one-sidedness of the vote, a number of FOMC members saw the decision as a "close call" and did not rule out further rate hikes.

The dissenting voter, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, had wanted to raise interest rates higher. Lacker disagreed with the view that current inflation is a temporary result of higher energy pric