5 factors that could forestall a Fed rate hike in September
The dollar has been rising in value for much of the past year, reflecting economic weakness overseas and expectations that U.S. Treasury rates will climb once the Fed starts raising rates.
Why?
Because imported goods become cheaper as the dollar's value rises.
That move, seen in part as an effort to boost Chinese exports, sent shockwaves through global markets because it raised concerns that China was facing bleaker economic risks than investors had realized.
While the U.S. job market has been steaming along with strong job growth, the minutes showed that some Fed officials still worry that the labor market isn't healthy enough.
Oil prices have resumed falling, with U.S. crude dropping nearly $2 a barrel to $41.17 in electronic trading on the New York Mercantile Exchange on Wednesday.
Congress returns from its August recess next month with a long to-do list, including passing a budget by Oct. 1 for the start of the new budget year and raising the nation's borrowing limit to avoid a default on the national debt.
Some economists think the Fed may be concerned enough about how another budget stalemate could depress market confidence that it would put off a September rate hike.