Federal Reserve moves toward raising interest rate for first time in years

Members say conditions for an increase are 'approaching' after rates held near zero since 2008 financial crisis, but some raise concerns over too little inflation

The Federal Reserve is inching closer to the first interest rate increase in nearly a decade, minutes of the central bankers' latest meeting indicated on Wednesday.

The minutes of the Federal Open Market Committee's (FOMC) 28-29 July meeting did not mention any timetable, but did state that most members believed that economic conditions were "approaching" those that would warrant a rate increase.

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