The Federal Reserve indicated Jan. 26 that it could soon raise interest rates for the first time in more than three years, according to CNBC.
"With inflation well above 2 percent and a strong labor market, the committee expects it will soon be appropriate to raise the target range for the federal funds rate," the central bank said in a statement released after its two-day meeting.
During the meeting, the central bankers left interest rates unchanged at near-zero but hinted that higher borrowing costs may come during the Fed's next meeting in March.
"I would say that the committee is of a mind to raise the federal funds rate at the March meeting, assuming that the conditions are appropriate for doing so," Jerome Powell, the Fed chair, said at a news conference, according to The New York Times.