Highlights of the FOMC Minutes released January 6, 2015:

  • Some FOMC members say Dec hike as 'close call'
  • Some saw 'considerable' risk to inflation outlook
  • Some Fed officials saw lower jobless unlikely to stoke prices
  • Many officials concluded long-run inflation expectations stable
  • Fed officials saw several reasons 'gradual' hikes likely appropriate
  • Risks to inflation included oil and stronger dollar
  • Fed to carefully monitor actual and expected inflation progress
  • Some members stressed the need to see inflation rising
  • The Fed hiked for the first time in almost a decade at the meeting
  • The minutes of the Dec 15-16 FOMC meeting
  • Full text

The US dollar is lower on the kneejerk as the market sees it as dovish.