There was less enthusiasm for a June rate hike among Federal Reserve officials than had been the case in March, according to minutes from the April meeting released Wednesday. The minutes show that only a "few" Fed officials thought that the economic data would improve enough to trigger a rate hike at the Fed's next meeting on June 16-17. In March, "several" Fed officials had supported a June move. The minutes of the April 29-30 meeting show that "many" on the Fed thought that June was likely too soon for a rate hike was warranted, although they generally did not rule one out. Overall, "most" Fed officials thought the weakness in first quarter growth was transitory and the economy would resume at a moderate pace, suggesting a rate hike sometime later in the year.
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