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Fed's Bullard says he's leaning toward supporting a December rate hike

Federal Reserve policymaker James Bullard is leaning towards supporting an interest rate increase in December, he said on Friday, adding that a plethora of potential changes under incoming president Donald Trump could affect future policy.

St. Louis Federal Reserve President Bullard said the debate is now shifting toward the Fed's rate path in 2017 and how Trump's policies on taxes, infrastructure, spending and regulation will affect growth, productivity and ultimately Fed policy.

"Markets are currently putting a high probability on a December move by the FOMC. I'm leaning towards supporting that," Bullard, a voting member of the U.S. central bank's rate-setting committee, told a conference in Frankfurt. "I think the question now is more about 2017."

Kansas City Fed's Esther George: Hike rates 'sooner rather than later'

Kansas City Fed President Esther George became latest voice in the rate-hike chorus, saying the central bank should increase rates "sooner rather than later."

In a speech Friday morning, George encouraged her fellow central bankers to avoid a situation where the Fed waited too long to hike and thus stoked fears in the market.

George has been a consistent dissenter this year at Federal Open Market Committee meetings, encouraging rate hikes while her counterparts have held the line.

Kaplan said “U.S. economy is at the point”

Kaplan, speaking at a conference on oil at the Dallas Fed's Houston branch, also said that the U.S. economy is "at the point" that it is appropriate for the Fed to raise rates. The U.S. central bank is widely expected to raise interest rates at its next policy meeting on Dec. 13-14.

Oil prices climb on expectation of OPEC-led output cut

Oil prices rose around 1 percent on Monday as producer cartel OPEC moved closer to an output cut to rein oversupply that has kept prices low for over two years.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 0.98 percent, or 44 cents, at $46.14 a barrel.

Traders said that markets were being supported by advancing plans by the Organization of the Petroleum Exporting Countries (OPEC) to cut production in a bid to prop up the market following over two years of low prices as a result of output exceeding demand.

Reference: Reuters, CNBC