Minutes of the Nov. 1-2 meeting released Wednesday show that Fed officials were moving closer to hiking rates for the first time in nearly a year. Some officials argued that if the Fed did not raise rates at its December meeting, it ran the risk of harming the central bank's credibility given the many signals it had sent about an impending hike.


"The Fed meeting minutes say that the case for a rate hike keeps on getting stronger and stronger," said Chris Rupkey, chief financial economist at MUFG Union Bank in New York. "A rate hike is coming in December."

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