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Fed split on timing of interest-rate hike

A view of the Federal Reserve January 13, 2015 in Washington, DCThe Federal Reserve was split at its last policy meeting on when to raise ultra-low US interest rates, with timing ranging from June to 2016, according to minutes released Wednesday. “Several participants judged that the economic data and outlook were likely to warrant beginning normalization at the June meeting,” said the report on the March 17-18 meeting of the Federal Open Market Committee, the central bank’s policy arm. Given the fall in energy prices and the stronger dollar, the other FOMC participants deemed the economy would not be able to weather a hike until later in the year. At the meeting, the Fed left its key federal funds rate unchanged near zero, where it has been pegged since late 2008 to support the recovery from the Great Recession.

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