The Fed looks like it is setting the stage for the second interest rate hike it foresaw for 2016. The New York Times reports:
After a two-day meeting of its policy-making committee, the Fed delivered the expected news that it would not adjust rates during the final days of a contentious presidential election. But the Fed’s post-meeting statement reinforced expectations that Fed officials do not plan to wait much longer.
“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’s policy-making committee, the Federal Open Market Committee, said.
The language was carefully calibrated to go just a little further than the Fed’s statement after its previous meeting in September.