Although the latest minutes confirm more the hawkish bent of the Federal Open Market Committee, the Federal Reserve is nevertheless cautious owing to multitudinous external factors including Greece and China. One Federal Reserve member was prepared to raise rates in June, but the prevailing sentiment was that a further rebound in economic activity and inflation was needed before the Central Bank would consider a shift in monetary policy. Certain members are concerned that current conditions merit cautiousness and that any premature move to increase interest rates could have negative knock-on effects in the real economy. The recent downtick in oil prices is also giving way to the idea that inflation might not be fully anchored at this point in time. The reaction in financial markets was extremely muted after a glitch in the software systems at the NYSE put a halt to virtually all US cash equity trading.