Fed signals rate hike despite drop in inflation

Janet Yellen's first FOMC meeting
Federal Reserve

The Federal Reserve's Open Market Committee (FOMC) could move ahead with monetary policy normalisation despite a drop in inflation that is expected to persist "for some time", indicate the minutes of the committee's December meeting, published yesterday.

In its meeting on December 16-17, the FOMC tweaked its forward guidance on the Federal funds rate, saying it would be "patient" in normalising monetary policy, rather than wait for a "considerable time".

According to the minutes, falling oil pri

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