'Almost all' Fed execs backed 25-bps increase

VIRTUALLY all Federal Reserve (Fed) policymakers agreed on a quarter-point interest rate hike taken on February 1, even though a few had favored a bigger jump, according to minutes released Wednesday.

"Almost all participants agreed that it was appropriate to raise the target rate for the federal funds rate 25 basis points at this meeting," said the minutes, adding that "a few participants" favored a move of twice that size.