Minutes of the Fed’s November meeting were hawkish and a rate hike in December seems a foregone conclusion

Minutes of the Federal Reserve's November FOMC meeting: Policymakers basically agreed that the possibility of raising interest rates will continue to increase. A majority of participants, among voting and non-voting committees, said a "relatively rapid" rate hike would likely be appropriate. Some participants argued that interest rates should be raised in December to preserve the Fed's credibility. The hawks in the minutes indicated that a rate hike in December seems to be a foregone conclusion.

Nearly all voting committee members believed that short-term risks to the economic outlook were "roughly balanced." A small number of voters worried that if the Fed allowed the unemployment rate to fall too low, it might need to raise interest rates significantly, causing the economy to stop expanding. Some members believe that the labor market is close to or reaching full employment. Many members believe that if the labor market overheats, it will pose a stability risk. However, some members believe that overheating of employment also has benefits. Some members believe that the current employment vacancy situation is still relatively significant. Commissioners postponed decision on long-term policy framework. Some members believe that caution should be exercised when interest rates approach the lower limit. Some members believe that downside risks to the global economy still exist. Two members favored raising interest rates by 25 basis points in November.