With the latest minutes from the U.S. Federal Reserve showing little appetite to raise interest rates quickly, influential investor Dennis Gartman told CNBC that investors shouldn't expect any move from the Fed for up to another year.
"There's little to be drawn from the minutes. I think the FOMC used the referendum (on the U.K. leaving the EU) as a reason to do nothing. They would prefer doing nothing and they will probably do nothing for a long period of time. 'Lower for longer' is probably the way to consider what the Fed is going to do for quite some long period going forward," Gartman, the founder and publisher of the Gartman Letter, said on Thursday.
"There is a lack of resolve on the part of the economy here in the U.S. We're moving forward at a very tepid rate and I think we're stuck here at these low levels of Fed funds for a long period of time, certainly until the end of this year and perhaps into the middle of next year."
Minutes from the U.S. Federal Reserve's last meeting in June showed policymakers were divided on the economic outlook for the country.
Federal Reserve policymakers said it would be "prudent to wait for additional data on the consequences of the U.K. (Brexit) vote" before raising rates, and cited a slowdown in hiring as a reason to keep rates unchanged last month, minutes released Wednesday afternoon showed.