The Minutes also stressed that, going forward, monetary policy will remain sufficiently accommodative to support further progress in the labour market and rising inflation.
Notably, a few members said that “financial risks could alter the path of normalisation”. Officials were more worried about low inflation (and the recent weakening in inflation expectations). Some members noted that “the risk attending the inflation forecasts remain considerable".
Many members expressed concerns that the strong USD and weakness in commodity prices would depress inflation “somewhat longer than previously expected”. Some members saw the December rate hike as a “close call".