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In the new forecast, 11 Fed officials expect the first interest rate hike will not occur until 2014 or later, the same number who said so in January. But no official is looking for the first rate hike to occur as late as 2016; in January, two Fed officials had put the first rate hike that far out. The number of Fed officials who expect a rate increase to occur this year remained the same at three. And the number who expect the first increase in 2013 also remained at three. All Fed officials saw the federal funds rate, the interest that banks charge on overnight loans, below 3 percent at the end of 2014. And 10 saw the funds rate below 2 percent at the end of 2014.
[Associated
Press;
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