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Fed sees conditions for rate hike 'approaching': minutes

The Federal Reserve saw US economic conditions “approaching” the point of being able to weather an increase in near-zero interest rates at July’s policy meeting, the meeting minutes showed Wednesday. Fed officials pointed to slack in the job market and worried about China’s economic slowdown as they considered raising borrowing costs for the first time in more than nine years, according to the record of the Federal Open Market Committee (FOMC) meeting. “Most judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point,” the minutes said.

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