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BOC minutes: Council members said there is currently insufficient evidence that rising oil prices are spilling over into prices of other goods and services.

Integrated Partners CIO Steve Corano said the Fed’s decision to hold rates was in line with expectations but noted dissenting votes favoring a hike rose further versus the prior meeting. He flagged that remarks from Wosh at the post-meeting press conference will be key for near-term policy guidance. Wosh, a supply-side economist, argues that if inflation is primarily driven by energy prices then rate hikes would only suppress demand and would not increase oil supply. Corano said until core inflation gives clearer direction the Fed’s baseline is to wait for more data. Five working groups Wosh set up are due to publish preliminary findings in September and final reports in December, providing the Fed additional runway to remain on hold absent a major shock.