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US central bank to tighten interest rate in 2015
(MENAFN) The US central bank is likely to begin tightening its benchmark interest rate in 2015 after seven years of unprecedented slack monetary policy, Oman Observer reported.
The US economy actually contracted at an annualized rate of 0.2 percent in the first quarter, the Commerce Department said. The first estimate of second-quarter growth is due July 30.
"I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy," Federal Reserve Chairwoman said.
The US economy actually contracted at an annualized rate of 0.2 percent in the first quarter, the Commerce Department said. The first estimate of second-quarter growth is due July 30.
"I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy," Federal Reserve Chairwoman said.
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