US interest rates are going up soon, latest Fed minutes confirm
Washington — Many Federal Reserve policy makers expect that interest rates will have to be raised in the "near term", according to the minutes of the US central bank’s last policy meeting released on Wednesday. The readout from the October 31-November 1 meeting, at which the Fed kept rates unchanged, also showed policy makers generally agreed the economy was poised for strong growth. Several Fed officials also saw improved chances that the US Congress would pass significant tax cuts that would boost business investment. While some policy makers said they still needed to see more data before deciding the timing of a rate hike, many of the officials said the jobless rate appeared to be too low for inflation to remain at its current weak level. "Participants expected solid growth in consumer spending in the near term, supported by ongoing strength in the labour market," the Fed said in the minutes. "Many participants thought that another increase in the target range for the federal fun...
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