Washington - The Federal Reserve is keeping its key short-term interest rate at a record low in the face of a weak global economy, slower U.S. job growth and subpar inflation. But it suggested the possibility of a rate hike in December.

A statement the Fed issued Wednesday said it would monitor the pace of hiring and inflation to try to determine “whether it will be appropriate to raise the target range” for its benchmark rate at its next meeting.

It marked the first time in seven years of record-low rates that the central bank has raised the possibility that it could raise its key rate from near zero at its next meeting.

In a further sign that a hike could occur in December, the Fed’s policymakers sounded less gloomy about global economic pressures. They removed a sentence from their September statement that had warned of global pressures stemming from a sharper-than-expected slowdown in China.... Read More: VIN