U.S. Fed split over interest rate rise

Apr 09, 2015, 1:12 AM EDT
Federal Reserve Bank Board Chairwoman Janet Yellen delivers welcoming remarks during the ninth biennial Federal Reserve System Community Development Research conference at the Marriott Wardman Park April 2, 2015 in Washington, D.C.
AFP/Getty Images

Officials at the U.S.'s central bank were split about when to raise interest rates, latest minutes released by the Federal Reserve have revealed, reports Reuters.

Interest rates in the world's largest economy have been kept at close to 0% since late 2008, at the start of the financial crisis.

Now, officials must determine when the U.S. economy is healthy enough to grow without help from the Fed.

Some said mid-2015 would be best, while others suggested later, in 2016.

"Several participants judged that the economic data and outlook were likely to warrant beginning normalisation at the June meeting," read the minutes of the Fed's last meeting, which was held from 17-18 March in Washington D.C.

"However, others anticipated that the effects of energy price declines and the dollar's appreciation would continue to weigh on inflation in the near term, suggesting that conditions likely would not be appropriate to begin raising rates until later in the year, and a couple of participants suggested that the economic outlook likely would not call for liftoff until 2016."