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Federal Reserve signals interest rate hike is near

Posted at 3:30 PM, Aug 19, 2015
and last updated 2015-08-19 15:30:18-04

NEW YORK — Get ready: the long awaited rate hike could be here in four weeks.

The Federal Reserve’s committee members signaled that they’re close to raising the key interest rate for the first time in over 9 years. One Fed committee member already wants to raise rates, according to minutes from its two-day meeting that ended on July 29th.

“Some participants…viewed the economic conditions for beginning to increase the target range for the federal funds rate as having been met or were confident that they would be met shortly,” according to the minutes. Translation: some Fed officials are ready for liftoff in September.

The minutes are the last peek into the Fed’s thinking before its September meeting — when the majority of Wall Street experts expect a rate hike.