The US Federal Reserve has indicated that it is likely interest rates will be raised in December.

According to the minutes of the Fed's meeting in October, policymakers are more confident in the economy and believe that the conditions that will trigger a rate rise will be met in December.

Particularly, it said the country's jobs market and inflation is moving in a positive direction. Following the announcement of the minutes, shares in the US increase, closing more than 1% up.

The US financial system appeared to have weathered the turbulence in global financial markets without any sign of systemic stress," the minutes said.

"Most [officials] saw the downside risks arising from economic and financial developments abroad as having diminished and judged the risks to the outlook for domestic economic activity and the labor market to be nearly balanced."