Fed policymakers have been buoyed in recent months by a stronger global and domestic economy. AFP / ANDREW CABALLERO-REYNOLDS
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The Fed has raised rates twice this year and currently forecasts one more rate hike by the end of 2017 as part of a tightening cycle that began in late 2015 .The encouraging tone of the Fed's statement underscores that the central bank is primed for another nudge upward in its benchmark lending rate from its current target range of 1 percent to 1.25 percent.The Fed's preferred inflation measure sits at 1.3 percent after retreating further from the central bank's 2 percent target for much of the year.The Fed said Wednesday the planned reduction of its $4.5 trillion balance sheet begun in October was proceeding.The central bank will hold its final policy meeting of the year on Dec. 12-13 .
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