Fed looked past weakness to press ahead on rate hike plan

April 8, 2015 6:20 PM

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Fed looked past weakness to press ahead on rate hike plan

WASHINGTON (Reuters) - U.S. Federal Reserve officials acknowledged risks from overseas and a weak start to the year at their March meeting but remained confident enough in the strength of the recovery to continue laying the groundwork for an interest rate hike later this year, according to minutes from the meeting released on Wednesday.

The meeting concluded with the Fed opening the door to a June rate hike, and the minutes said that "several participants" went on record saying they expected upcoming economic data would warrant an initial rate increase that month.

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