Fed Now Says It Will "Be Patient" On Rate Hikes

(RTTNews) - The Federal Reserve said Wednesday it will "be patient" in determining when to raise interest rates, a subtle change in language from its previous vow to keep rates near zero for a "considerable time."

Nearly all Fed officials see a rate hike in 2015, but policy makers think increases will be even more gradual than early projections.

"Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy," the Fed said.

The FOMC "sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored."