The Fed released its October monetary policy meeting minutes on Wednesday. The minutes showed that an interest rate hike in December is possible.
"Some participants thought that the conditions for beginning the policy normalization process had already been met. Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labour market, and inflation, these conditions could well be met by the time of the next meeting," the minutes said.
Members noted that there should be no "unanticipated shocks", which could "adversely affect the economic outlook and that incoming data support the expectation that labour market conditions will continue to improve and that inflation will return to the Committee's 2 percent objective over the medium term".
Most members said that the downside risks to the outlook arising from economic and financial developments abroad diminished.
FOMC members voted 9-1in September to keep interest rates unchanged. Only Richmond Fed President Jeffrey Lacker voted to raise interest rate by 0.25%.