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Fed hints at June interest rate hike amid improving economy

The Federal Reserve on Wednesday signaled that it was prepared to raise borrowing rates in the coming months for the first time since the economic recession.

In a statement, the Fed's policy-setting body said a rate hike was "unlikely" in April because of slightly lowered expectations regarding the economy's trajectory. However, in a break with past statements, the Fed no longer pledged to be "patient" on that front, suggesting a rate hike could come at the Fed's first post-April meeting in June.