“In determining how long to maintain this target range, the Committee will assess progress— both realized and expected—toward its objectives of maximum employment and 2 percent inflation,” the Fed minutes say. “This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.”
However, the Fed did say it deems it appropriate to raise the target range when further improvement in the labor market is seen, which it expects to happen in the “medium” term.
One fed policymaker voted to hike the rate, but most "judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point," the minutes say.
That could very well be next month. Economic reports over the coming weeks will reveal clues as to whether the market can expect the first rate hike in nearly a decade.
The Fed minutes from its July 28-29 meeting, released Wednesday afternoon, reveal a rate hike is still in the cards but that a hard date has not yet been reached.