FXStreet (Bali) - The ANZ Research Team shares their thoughts on the FOMC minutes, reiterating that the tightening will be both gradual and data dependent. Key Quotes "The FOMC Minutes reiterated that the tightening path will be gradual, highlighting that the pace of normalisation will be data dependent. This would allow the Committee to closely monitor how the economy responds to rate hikes." "The Minutes also stressed that, going forward, monetary policy will remain sufficiently accommodative to support further progress in the labour market and rising inflation." "Notably, a few members said that “financial risks could alter the path of normalisation”. Officials were more worried about low inflation (and the recent weakening in inflation expectations). Some members noted that “the risk attending the inflation forecasts remain considerable”." "Many members expressed concerns that the strong USD and weakness in commodity prices would depress inflation “somewhat longer than previously expected”. Some members saw the December rate hike as a “close call”." For more information, read our latest forex news.