CCTV Script 21/08/14

— This is the script of CNBC's news report for China's CCTV on August 21, Thursday.

Welcome to the CNBC Business Daily, I'm Qian Chen.

The latest Fed minutes show a rate debate is starting to take place.

Policymakers agreeing that the US jobs market is healing faster than expected, and if that recovery continues, it could mean rates would rise sooner.

U.S. markets resonded positively on this release… with the S&P 500 closing on a record high.

The markets will be focusing next on the Jackson Hole meetings, where Fed chair Janet Yellen is set to deliver a speech this Friday.

ECB's Mario Draghi will also be among the central bank governors expected to speak at the meeting.

CNBC's Steve Liesman has more.

The Federal Reserve releasing the minutes to its July meeting, sounding a bit of a hawkish tone, maybe more hawkish than the statement that followed the meeting. The minutes saying that many believed that if there is faster progress towards the fed's goals, then the fed should raise rates quicker than markets expect. Some were ready to move very quickly, almost immediately. There was a big debate about labor slack, how much of it was there and how much inflation concern the Federal Reserve should have along with concerns about wage pressure. They discussed a communication strategy and how the Fed might "normalize rates" which is a euphemism for actually raising rates. The CNBC Fed survey prepared specially for the Jackson Hole meeting by the Federal Reserve shows that market participants expect rates to rise in July 2015, that was before these minutes came out. The idea may have been pushed forward a little bit perhaps by the minutes and the rate hike cycle is seen ending in the 4th quarter of 2017 at 3.2%. If that's the case, it would be 9 months longer than the average rate hike cycle although the 3 percentage points is about the average for most rate hikes. All eyes will be on Janet Yellen Friday morning in her speech. It will be on the topic's main conference which is labor and that will be followed by Mario Draghi, the European Central Bank governor and also we have the Japanese Central Bank governor here as well. So, the big 3 in attendance and we'll get a picture of the outlook for global interest rates and monetary policy. Back to you.

Both Yellen and Draghi will speak at Jackson Hole on Friday.

I'm Qian Chen, reporting from CNBC's Asian headquarters.

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