Fed Minutes Show No Hurry To Raise Interest Rates Amid Greece Jitters

(RTTNews) - Most Federal Reserve members are not ready to raise interest rates, according to the minutes of the June Federal Reserve meeting.

They are waiting for more data to confirm "economic growth was sufficiently strong and labor market conditions had firmed enough to return inflation to the Committee's longer-run objective over the medium term" according to the minutes.

There was only one member of the Federal Open Market Committee wanting to hike rates in June, but even that policy maker was willing to remain patient for another meeting or two.

All told, the Fed seemed cautious about the prospects for robust economic growth this year.

Members were particularly concerned "that a failure of Greece and its official creditors to resolve their differences could result in disruptions in financial markets in the euro area, with possible spillover effects on the United States," the minutes said.