Further monetary policy rate hike hinges on incoming data: US Fed minutes

The US Monetary Policy Committee eyes a potential tightening if inflation progress falls short. Despite maintaining the 5-1/4 to 5-1/2 per cent federal funds rate, focus remains on quelling consumer inflation at the 2 per cent target. Encouragingly, inflation is tapering, hitting 3.2 per cent in October. Policy stays restrictive until sustained inflation decline. Economic forecasts hint at a slower fourth-quarter GDP, attributed partly to a recent autoworkers' strike. Below-potential growth and softening job conditions are seen as keys to easing inflationary pressures.