Members of the US Federal Reserve concluded earlier this month that the case for a rate rise continued to strengthen, but that they?? ?should wait for more evidence of inflation and a stronger jobs market before making a further move.

“Members generally agreed that the case for an increase in the policy rate had continued to strengthen,” according to the minutes of the November meeting. “But a majority of members judged that the committee should, for the time being, await some further evidence of progress towards its objectives of maximum employment and 2 per cent inflation before increasing the target range for the federal funds rate.”

Participants — a broader group than the voting members — generally indicated that their forecasts for the economy “had changed little” since September, the minutes said. The Fed said a “substantial majority viewed the near-term risks to the economic outlook as roughly balanced”. But it said a few participants were worried about downside risks, which included the risk of weaker than expected growth overseas and the “continued uncertainty associated” with Brexit.