US Federal Reserve set for a rate increase next month

Most officials regard tightening labour market conditions to eventually drive up prices

The Federal Reserve is preparing to raise its benchmark interest rate in December despite the concerns of some Fed officials about the persistent weakness of inflation, according to an account of the Fed’s most recent policy meeting. The account, which the Fed published Wednesday, described officials as united in confusion about the reasons that inflation is weak but divided about the consequences. While some officials favoured watching and waiting, a majority of Fed officials — including the chairwoman, Janet L Yellen — have made clear that they are inclined to keep raising the Fed’s benchmark rate.

At the two-day meeting