New York Times (01/07/15) Binyamin Appelbaum

At the December meeting of the U.S. Federal Reserve’s policy-making committee, officials expressed growing optimism about the strength of the economy, citing surveys of consumer and business confidence and payroll growth. However, they voiced concern about the weakness of the global economy.

Officials cited steady growth in the labor market, with 321,000 jobs added in November, which was the strongest month in almost three years. They also indicated that the labor market is strong enough to handle rising interest rates, but the sluggish pace of inflation has prompted them to hold off. Moreover, they noted that recent job growth has not yet translated into higher wages.