The Federal Reserve could be giving American consumers an unwelcome Christmas present: a December rate hike.

As Associated Press reports, the Fed held its line on interest rates but hinted that could soon change:

A statement the Fed issued Wednesday said it would monitor job growth and inflation to determine "whether it will be appropriate to raise the target range" for its benchmark rate at its next meeting.

It marked the first time in seven years of record-low rates that the central bank has explicitly raised the possibility that it could raise its key rate from near zero at its next meeting.

Keen watchers of the Fed noted that the central bank removed language from September's statement on weak global economic indicators:

"The Fed sent its clearest signal yet that, pending decent data, it has the December meeting in its sights for the first rate hike," said Michael Feroli, an economist at JPMorgan Chase and a former Fed staffer.

A rate hike could effect everything from variable rate mortgages to credit card rates and lines of credit, potentially pushing up the cost of borrowing for American consumers for the first time in more than half a decade.