Quote part of the Fed report: ” During their discussion of economic conditions and monetary policy, participants focused on a number of issues associated with the timing and pace of policy normalization. Some participants thought that the conditions for beginning the policy normalization process had already been met. Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labor market, and inflation, these conditions could well be met by the time of the next meeting. Nonetheless, they emphasized that the actual decision would depend on the implications for the medium-term economic outlook of the data received over the upcoming inter-meeting period. Some others, however, judged it unlikely that the information available by the December meeting would warrant raising the target range for the federal funds rate at that meeting”
We can summarize everything in these points:
1- The last time Fed raised interest rates was 9 years ago.
2-Federal Reserve will not raise rates this month because of concerns about the weak economy and the low US inflation rate.
3-The Fed would like the US inflation to be closer to 2% before raising rates.
4- Raising rates remain a strong option next month, but it depends on China (Chinese Economy) & low US inflation rate.
5- Some volatility was seen yesterday after the minutes.
6- Market Impact: Buying the US dollar on dips, still recommended.
7- My opinion: I think the Fed will raise rates before year-end.
Here are the full Minutes from the Fed: Minutes of the Federal Open Market Committee