Fed hints at June interest rate hike amid improving economy

Janet Yellen
(Image credit: Win McNamee/Getty Images)

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.

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