One of the Federal Reserve's top proponents of monetary stimulus signaled that he is open to raising interest rates Monday, in a speech that is likely to solidify the perception that the central bank will begin tightening monetary policy at its next meeting in December.

Speaking in Portsmouth, R.I., Federal Reserve Bank of Boston President Eric Rosengren suggested that the economy is on track to meet the main condition the Fed has set for raising rates, namely that it is strong enough that inflation will rise to the Fed's 2 percent target.

"As long as the economy is growing somewhat above potential, I am reasonably confident we will return to our 2 percent inflation target and to my estimate of full employment," Rosengren said in prepared text.

"Reasonably confident" in rising inflation is the standard the Fed's monetary policy committee has set in its recent statements for raising interest rates.

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