The Federal Reserve on Wednesday altered its language about when it will raise interest rates, saying the central bank can be "patient" in determining when to "normalize" monetary policy." The Fed said its new approach is "consistent" with its prior statement that it would be appropriate to keep rates near zero "for a considerable time." Most Fed officials expect rates to rise in 2015, though not quite as much as they previously predicted. The key fed funds rate is seen increasing to a median of 1.125% from near zero today instead of 1.375%. The Fed recently ended a massive bond-buying program aimed at boosting the U.S. economy amid stronger growth and the biggest acceleration in hiring since the Great Recession ended five years ago. The fed funds rate has been near zero since 2008 and the Fed hasn't raised the rate since 2006.
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