First Fed Hike Won't Come Until December 2015: Citi

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.