The Federal Reserve on Wednesday offered a strong signal that it was on track to raise interest rates sometime next year, altering a pledge to keep them near zero for a “considerable time” in a show of confidence in the U.S. economy.
Closing out a two-day meeting against a backdrop of solid domestic growth but trouble overseas, the U.S. central bank said in a statement it would take a “patient” approach in deciding when to bump borrowing costs higher.
Fed Chair Janet Yellen told a news conference that “patient” meant the policy-setting Federal Open Market Committee was unlikely to hike rates for “at least a couple of meetings,” meaning April of next year at the earliest.
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