Federal Reserve officials signaled concern about stubbornly lowinflation even as they indicated that an improving job market isbringing them closer to the first interest-rate increase in almosta decade.
Participants in the July 28-29 Federal Open Market Committee(FOMC) meeting said economic conditions “were approaching thatpoint” where the economy could sustain a slight increase inborrowing costs, according to minutes of the meeting released inWashington on Wednesday.
Preserving their flexibility on the timing of rate liftoff, theyalso showed more concern about how soon they would hit their 2percent inflation target, a goal they have missed for more thanthree years.
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