Rare US Fed split vote signals mounting pressure to raise rates: Analyst

The United States Federal Reserve held interest rates steady for a fifth straight meeting on Wednesday (Jul 29), but an unusually divided decision saw three Federal Open Market Committee members dissent in favour of an immediate quarter-point rate hike. Speaking to CNA's Asia First, Gareth Berry, FX and rates strategist at Macquarie Group, says the rare split suggests the dissenting policymakers may believe a rate hike is not imminent, despite Chair Kevin Warsh insisting that the Fed “will not waver” in bringing inflation back to its 2 per cent target.

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