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US Fed points to June interest rate rise US interest rates could rise in June
(about 5 hours later)
The US Federal Reserve is likely to increase interest rates next month if the economic data supports such a move, the central bank's latest minutes show. The US Federal Reserve is likely to increase interest rates next month if the economic data support such a move, the central bank's latest minutes show.
It will look for signs the economy and employment is strengthening and inflation firming before taking action. But policymakers suggested they thought investors had not fully accepted such a move could come that soon.
Policymakers, who last met in April, also suggested they thought investors had not fully accepted that such a move could come that soon. The bank will look for signs the economy, employment and inflation are firming before taking action.
The Fed remains wary of external factors, including a possible UK vote to leave the European Union.
The Fed next meets a week before the UK referendum on staying in or leaving the EU.
Some analysts suggested that the Fed may even delay a decision on rates for fear of unsettling global markets as possible Brexit looms.
Sal Guatieri, senior economist at BMO Capital Markets, said: "A super-cautious [Fed Chair Janet] Yellen might well wait for more convincing evidence of a sustained pickup in the economy and a resolution of Brexit risks before pulling the trigger in July."
Pick-up
The bank has kept interest rates between 0.25% and 0.5% since December.The bank has kept interest rates between 0.25% and 0.5% since December.
The Fed minutes said recent economic data made them more confident inflation was moving up towards its 2% target.The Fed minutes said recent economic data made them more confident inflation was moving up towards its 2% target.
Although recent figures showed the US economy only grew at a 0.5% rate in the first quarter - a two-year low - the Fed's committee said that recent rises in employment suggested that would pick up. The US government said this week that the consumer price index rose 0.4% in April, reflecting higher energy costs.
They also said they were less concerned about a global economic slowdown although they did refer to the prospect of the UK leaving the EU as one that could upset markets. Although recent figures showed the US economy only grew at 0.5% in the first quarter - a two-year low - the Fed's committee said that recent rises in employment suggested that would pick up.
The Fed kept its target overnight interest rate in the range of 0.25%-0.5%.The Fed kept its target overnight interest rate in the range of 0.25%-0.5%.