Fed minutes: Fed discussed rate hike procedures, but discussion does not signal action soon

The Federal Reserve’s board of governors and open market committee discussed rate hike procedures at a joint meeting, but agreed the discussion does not signal rate action is coming soon.

Getty Images The Marriner S. Eccles Federal Reserve building in Washington.

Getty Images
The Marriner S. Eccles Federal Reserve building in Washington.

That was one of the key data points from the minutes of the FOMC meeting, released Wednesday.

The Fed discussed the right mix of tools to control rates and board membersagreed a mix of tools is likely needed to normalize rates.

A number of meeting participants also cited potential risks to growth ahead, including the housing sector, the cooling Chinese economy and unrest in Ukraine.

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The minutes are expected to shed light on deliberations behind the Federal Reserve Open Market Committee’s decision to keep reducing the central bank’s monthly bond-buying program, as well as ideas on when interest rates will rise.

Markets have been jittery in recent weeks ever since Chair Janet Yellen and other Fed officials have made remarks that investors interpreted as indicating rates would go higher sooner than expected.

Recent remarks by other Fed officials have added to that trepidation.

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