Fed Drops Patient Stance, Opening Door to June Rate Increase

Bloomberg reports:

The Federal Reserve opened the door to an interest-rate increase as soon as June, while also indicating it will go slow once it gets started.

The new signals were contained in a policy statement that ended an era by dropping an assurance that the Fed will be “patient” in raising rates, and in a fresh set of estimates that lowered the median for the federal funds rate the end of 2015 to 0.625 percent compared with 1.125 percent in December.

“Just because we removed the word patient from the statement doesn’t mean we are going to be impatient,” Chair Janet Yellen said in a press conference Wednesday in Washington.

The great moments of central planning.