Fed rate hike 'widely expected' this year, Fischer says

From reuters.com

The Federal Reserve is "widely expected" to begin raising U.S. interest rates this year, with policymakers deciding on subsequent policy tightening or loosening on a meeting-to-meeting basis, the Fed's second-in-command said on Monday. Fed Vice Chair Stanley Fischer cited significant economic progress and a labor market that was nearing full employment. In an upbeat speech to the Economic Club of New York, he did however mention that the strong dollar may offset some benefits of monetary accommodation. "It is widely expected that the rate will lift off before the end of this year," Fischer, a close ally of Fed ... (full story)