Fed leaves key rate unchanged, sets stage for December hike

November 03, 2016 00:05

The Federal Reserve kept interest rates unchanged on Wednesday in its last policy decision before the United States election, but signaled it could hike in December as the economy gathers momentum and inflation picks up.

The US central bank's rate-setting committee said the economy had gained steam and job gains remained solid.

Fed policymakers also expressed more optimism that inflation was moving toward their 2 percent target.

"The committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives," the Fed said in a statement following a two-day policy meeting.

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