Investing.com - The Federal Reserve made clear Wednesday that a majority of Federal Open Market Committee members expect to raise rates in December barring external shocks, according to minutes of the November board meeting released on Wednesday.
"Most participants" said a rate hike would be appropriate "relatively soon," as long as "incoming data provided some further evidence of continued progress toward the Committee's objectives," the minutes of the Nov. 1-2 meeting said.
And some FOMC members argued the increase "should occur at the next meeting" if the Fed were to "preserve credibility" as policymakers had thoroughly prepared markets for such a move through its public comments in recent weeks.
The committee earlier this month held steady the policy fed funds rate at 0.25% to 0.50% but the chance of a December hike has become a near certainty after Fed Chair Janet Yellen in a congressional hearing last week reiterated an increase in short-term interest rates could "become appropriate relatively soon."