The Federal Reserve on Wednesday offered a strong signal that it was on track to raise interest rates sometime next year, altering a pledge to keep them near zero for a “considerable time” in a show of confidence in the U.S. economy.
Closing out a two-day meeting against a backdrop of solid domestic growth but trouble overseas, the U.S. central bank said it would take a “patient” approach in deciding when to bump borrowing costs higher.
In doing so, it looked beyond economic difficulties in the euro zone, Japan and Russia and offered a mostly upbeat assessment of the U.S. economy’s prospects.
