Many Federal Reserve policy makers want to see more evidence that the US economy is strengthening before pulling the trigger on rate rises, according to minutes of a meeting marked by concerns over the Greek stand-off and the potential for a Chinese slowdown.

Minutes from the meeting from June 16-17 struck a broadly positive tone about developments in the US economy, highlighting stronger consumer spending, corporate hiring, housing market activity and signs of wage growth. The stabilisation of oil prices and the dollar would reduce downward pressure on inflation, the Federal Open Market Committee noted.

Still, the minutes revealed a committee that remained divided over when the conditions would be right to raise rates from their current near-zero levels, noting that while some thought the conditions for a rate rise had nearly been met, a number of members were cautioning against a “premature decision”.