Up until September, Kansas City Fed president Esther George was the lone voice in favor of raising interest rates. Last month, she was joined by Cleveland Fed president Loretta Mester and Boston Fed president Eric Rosengren in her call to increase the target range to 0.50%-0.75%. The FOMC – which is the policy setting arm of the US central bank – noted that the case for increasing interest rates has strengthened recently. Those in favor of raising interest rates pointed to continuing job creation. The higher unemployment rate, however, was good news as it was a result of more people returning to the US labor market.

Source: The Guardian October 12, 2016 20:37 UTC