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The FOMC minutes revealed a consensus among Federal Reserve members to raise rates, but the minutes offered up little clarity on the exact timing, while anticipating a hike would come “fairly soon” if infand labour market data are in line with expectations.

Furthermore, the minutes showed that policy makers were aware of the potential lift to growth from fiscal policy, but were mostly unwilling to alter their projections until more details are known from Trump’s plan to spur economic growth. But the possibility of more fiscal spending and lower taxes by the Trump administration, lifting the economy, means the Fed could get ready to act.

The FOMC minutes support the view of a possible rate hike in March as confidence among the Federal Reserve hawks about better growth and rising inflation is growing.