Minutes of the November 8 FOMC meeting
Almost all policy makers say rate hike warranted 'fairly soon'
Discussed modifying language on 'further gradual' hikes
A few policymakers expressed concerns about timing of hikes
Many said it might be appropriate at some upcoming meetings to begin putting greater emphasis on evaluating incoming data
Debated long-run framework for monetary policy including switch to targeting overnight bank funding rate rather than effective Fed funds
Almost all Fed officials saw gradual hikes consistent with goals
The thing about the Minutes is that they always have something for everyone. For the doves, there is the talk of more of a focus on data. For the hawks, there is the line that almost all members endorsed gradual hikes.
