Fed officials have described the statement as indicating that the central bank is most likely to begin raising short-term rates in mid-2015. The account of the October meeting, released after a standard three-week delay, said a couple of officials wanted the Fed to signal that rates might rise sooner, and a couple wanted the Fed to signal that rates might rise later. But the intentions of a majority have not appeared to shift in recent months.The sluggish pace of inflation is displacing unemployment as the primary reason the Fed is not ready to start raising interest rates. The unemployment rate, which fell to 5.8 percent in October, is getting close to the level Fed officials regard as normal. If inflation were rising at the Fed’s preferred pace of 2 percent a year, it is unlikely that they would wait much longer before starting to raise interest rates.

via Fed Sees Limited Impact From Overseas Weakness and Market Turmoil – NYTimes.com.