Fed considers justifying rate hike by December

WASHINGTON (AP) — Federal Reserve officials believed last month that the economic conditions needed to trigger the first interest rate hike in nearly a decade could “well be met” by their next meeting in December.

Minutes of the October discussions revealed Fed officials’ view that the job market would improve further and that inflation would begin to move toward their 2 percent annual target.

They also took note of the U.S. economy’s resilience through a summer of financial market turbulence and felt that global threats had “diminished.”

The Fed has kept its benchmark for short-term rates near zero since late 2008.

In the end, the Fed at its Oct. 27-28 meeting left its key rate unchanged but said further progress could justify a December hike.