USD strengthens after FOMC minutes by Milan Cutkovic

  • Fed officials divided on whether June rate hikes warranted
  • Almost all officials wanted to drop patient guidance in March
  • No simple criteria for timing of first rate increase
  • Several say economic data, outlook likely warrant rate increase in June
  • Others say effects of energy price decline, dollar strength point to rate hike in later 2015
  • Several expect fairly gradual pace of normalization
  • Most saw risk to economic, labor market outlook as nearly balanced
  • Several saw dollar appreciation restraining exports, economic growth
  • China slowdown, Greece problems, geopolitical tensions seen as international outlook risks
  • Fed staff revise down medium-term GDP growth outlook due to strong Dollar

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