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A fly on the wall of the US Fed

Minutes from the Fed July 28-29 meeting point to how soon rates are due to rise. We reproduce some excerpts

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Participants generally expected consumer spending to rise moderately over the near term. Consumer credit conditions were also seen as favourable, with business contacts pointing to steady loan growth, especially for car loans and credit cards.

ECONOMIC activity had been expanding moderately in recent months.

The pace of job gains had been solid and the unemployment rate had declined, with a range of labour market indicators suggesting that underutilisation of labour resources had continued to diminish.

Participants