As expected, the Federal Reserve announced today it that would keep the benchmark interest rate unchanged at nearly zero percent, but paved the way for a possible rate hike in December.

The central bank said in a statement that it would consider raising the rate at its next meeting in December after evaluating the economy’s progress toward its stated goals of maximum employment and 2 percent inflation.

Fed officials noted the unemployment rate is holding steady and that job growth has slowed down. However, they said they are “reasonably confident” low inflation will rise to the 2 percent target, according to a statement released today after a two-day policy meeting.

The Fed also downplayed the uncertain financial markets and economic turbulence in other countries, saying it is convinced the United States economy will be able to create jobs.

Stocks rebounded with the Dow Jones industrial average rising 198 points to close at 17,780, and the Nasdaq up 66 points, closing at 5,096 after today’s news.