The minutes from the April Federal Reserve policy meeting indicate a likely interest rate hike in June if the economy improves as policymakers expect. Bobbi Rebell reports.
Mark your calendars for June. That's when the Fed says it will likely raise interest rates if economic conditions are as strong as they expect. In the just-released minutes from the April meeting, the central bank said it expects to see stronger second-quarter growth as well as firming inflation and employment. Mark Hamrick of Bankrate.com: (SOUNDBITE) MARK HAMRICK, SENIOR ECONOMIC ANALYST, BANKRATE.COM, (ENGLISH) SAYING: "They are laying it all out saying these are the switches that need to be toggled if we are going to go with a rate increase. That is why, I think, it is so very important to say the next four weeks of data are key, and that includes another jobs report. " The Fed also said it was less concerned about a global economic slowdown, though they were paying attention to a possible British exit from the European union in a vote next month. Policy makers also expressed concern about the market not being prepared for a June hike ... and the need to better communicate. The Fed hiked rates in December for the first time in nearly a decade.