Federal Reserve Board Governor Jerome Powell, who as recently as the end of September was promoting patience on rate hikes, appears to be on board with an increase in the fed funds rate target at the December Federal Open Market Committee meeting.

Calling economic growth "healthy," Powell said, "In my view, the case for an increase in the federal funds rate has clearly strengthened since our previous meeting earlier this month. Of course, the path of rates will depend on the path of the economy."

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