Fed’s September monetary policy meeting minutes: the Fed wanted to have more time to see if the slowdown in the global economy will have a negative effect on the U.S. economy

The Fed released its September monetary policy meeting minutes on Wednesday. The Fed said that it wanted to have more time to see if the slowdown in the global economy will have a negative effect on the U.S. economy.

"The Committee decided that it was prudent to wait for additional information confirming that the economic outlook had not deteriorated and bolstering members' confidence that inflation would gradually move up toward 2 percent over the medium term," the minutes said.

Most Federal Open Market Committee (FOMC) members expect the Fed to start raising its interest rate this year.

FOMC members noted that the U.S. labour market continued to improve, while the inflation remained at low levels.

"After assessing the outlook for economic activity, the labour market, and inflation and weighing the uncertainties associated with the outlook, all but one member concluded that, although the U.S. economy had strengthened and labour underutilization had diminished, economic conditions did not warrant an increase in the target range for the federal funds rate at this meeting," the minutes said.

FOMC members voted 9-1in September to keep interest rates unchanged. Only Richmond Fed President Jeffrey Lacker voted to raise interest rate by 0.25%.