US Fed Reserve signals rate hike in September
Washington: The Federal Reserve, America’s central bank, has decided not to raise interest rates in June, but signalled that the long-awaited rate hike could come in September as the economic activity picks up. “The committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace,” the bank known as the Fed said after a two-day policy meeting of the Federal Open Market Committee. But the committee lowered its projections for economic growth significantly. In March, committee members projected 2015 growth would be between 2.3 percent and 2.7 percent.