Citigroup on Friday became one of the first financial institutions to push back its forecast of the Federal Reserve's first rate hike. In a research note to clients, William Lee, Citigroup's chief economist said the Fed won't move until December 2015, later than his prior estimate of September. The economy was facing a growing number of "downside risks," Lee said. He noted that the Fed staff has lowered its economic outlook for the medium term at each of the last two policy meetings.
Copyright © 2014 MarketWatch, Inc.