Fed Minutes Offer Strongest Hint At June Rate Hike

(RTTNews) - Federal Reserve policymakers see a rate hike coming in June, according to the minutes from the Fed's April policy meeting released on Wednesday.

It's the most telling sign yet that the Fed plans to tighten in the near future, as inflation is picking and jobs growth is on the rise.

"Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter, labor market conditions continuing to strengthen, and inflation making progress toward the Committee's 2 percent objective, then it likely would be appropriate for the Committee to increase the target range for the federal funds rate in June," the minutes read.

The Fed hiked interest rates in December for the first time in almost a decade to a range of 0.25% to 0.5%, but has since relented on further hikes amid global economic headwinds and another winter's lull in the U.S. recovery.