The 17 September 2015 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members (minutes were released today). There was a significant amount of discussion when to raise the federal funds rate: The quote of these minutes was:

… most participants continued to anticipate that, based on their assessment of current economic conditions and their outlook for economic activity, the labor market, and inflation, the conditions for policy firming had been met or would likely be met by the end of the year. However, some participants judged that the downside risks to the outlook for economic growth and inflation had increased …..

The last few paragraphs below discuss in detail the “deer in the headlights” situation of when to begin to raise the federal funds rate.

The interesting points are highlighted in bold below. Econintersect publishes below the views of the FOMC members, and ignores the reports given to the members. We are looking for a glimpse of insight into the minds of the FOMC members.