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Fed's Dudley: There's still time to decide for Dec rate hikes

New York Federal Reserve President William Dudley
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New York Federal Reserve President William Dudley

A top Federal Reserve official said Friday that a December rate hike may not be a done deal.

New York Fed President William Dudley said the central bank still had time to decide on whether or not it should lift rates next month, according to a Dow Jones report.

He said that the central bank was still data dependent with regards to the timing of a rate hike.

However, Dudley also said the current U.S. economy is "in good shape," and that the Fed may meet the criteria needed for liftoff in the near future. He also said the economy will be "OK" next year, according to the news wire.

The minutes from the Fed's October meeting — released Wednesday — showed that many members of the Federal Open Market Committee believe a rates hike next month would be appropriate.

On Thursday, Fed Vice Chairman Stanley Fischer delivered a speech in which he signaled a rate hike "in the relatively near future."

The chances of a Fed rate hike in December are higher than 70 percent, according to the CME Group's FedWatch tool.