Patience in raising interest rates
WASHINGTON- Lingering problems in the labor market and worries about inflation have Federal Reserve policy makers in no hurry to start raising interest rates.
When the Fed met last month, the minutes show leaders discussed when the appropriate time was to raise rates which are near zero.
The discussion was over when to drop the word "patient" to describe how long they would wait, fearing that could cause an over-reaction in financial markets. Some leaders said they were concerned that wage growth has remained weak as the unemployment rate has declined.
The record low interest rate of zero has been in effect since 2008.