Yellen might wait for more convincing evidence of a sustained pickup.
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Catching many investors off guard, the Federal Reserve made clear Wednesday that an interest rate hike in June is likely if the economy keeps improving. The minutes of their most recent meeting in late April showed that Fed officials widely felt it would be time to raise rates at their June 14-15 meeting as long as hiring and economic growth strengthened and inflation showed signs of accelerating toward the Fed's 2-percent target rate.The minutes said some Fed officials did express concerns at the April meeting that the economic data might not be clear enough by mid-June to determine whether a rate hike was warranted.Even at the April meeting, Fed officials were encouraged by developments in the economy and financial markets, the minutes showed. Until now, many economists have assumed that the Fed would leave rates alone at its June meeting.In remarks this week, three Fed officials raised the prospects of a June rate hike.
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