Fed Begins Crawl Toward Rate Hike as Near-Term Risks Diminish

July 27, 2016 8:21 PM

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Federal Reserve policy makers took a step toward raising interest rates later this year but stopped short of signaling that the move could come as soon as September.

Federal Open Market Committee members upgraded their assessment of the economy in their monetary policy statement, released on Wednesday after their two-day meeting. They declared that near-term risks to the outlook have diminished and said labor utilization has shown “some increase,” though inflati...

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