Wall Street Journal (12/08/14) Jon Hilsenrath; Michael S. Derby

U.S. Federal Reserve officials will consider a shift in language during their next policy meeting Dec. 16-17, and the shift could drop the phrase “considerable time” from guidance regarding near zero interest rates. Officials seem to be in favor of raising interest rates in mid-2015, and many recent speeches from Fed officials have avoided using the phrase in favor of expressing patience regarding rate increases. However, there are some Fed members who are not ready to drop the phrase until the economy becomes strong enough to bear rate increases. The Fed already ended its bond-buying program, and some officials are hopeful the economy will be strong enough by mid-2015 to begin raising interest rates, which have not been increased in nearly a decade.