Strong economic growth and an uptick in inflation have boosted confidence among Federal Reserve policymakers that the U.S. economy is ready for higher interest rates, according to an official account of the central bank's most recent meeting in late January.
The minutes appeared to reinforce investor expectations that the Fed would raise rates at its next meeting in March.
Shortly after the meeting minutes were published Wednesday, Goldman Sachs upwardly revised its probability of a March rate hike to more than 95 percent.
"The minutes from the January Federal Open Market Committee meeting indicated further improvement in the growth outlook and slightly more hawkish views on inflation," Goldman Sachs said in a research note late Wednesday.
Robust economic data, accommodative financial conditions and the impact of the recent tax overhaul all contributed to the U.S. central bank improving its economic outlook.