WASHINGTON — The Federal Reserve is not likely to raise rates at its June meeting, but it has indicated it might not wait much longer after that to push up its benchmark interest rates.
Just-released minutes from its April policymaking meeting show the Fed governors had concerns over economic weakness in the early 2015, leading to a decision to hold off on any increase.
However, the minutes also show that the Fed is showing an increasing likelihood to increase rates at its September meetings, although some analysts believe it will hold off until 2016.
Fed officials indicated they are paying particular attention to consumer spending, especially after the expected boost in such spending as the result of low gas prices, did not materialize.
The minutes also reveal there was some discussion about whether the Fed should press to increase inflation above its current target of 2%. The Fed has held rates at near 0% since 2008 as it has sought to stimulate the economy.