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The Fed released its April monetary policy meeting minutes on Wednesday. The Fed kept its interest rate unchanged in April. The minutes showed that most Fed officials would support an interest rate hike in June if the U.S. economy continued to improve.
"Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter, labour 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 said.
Fed officials noted that the interest rate decision would depend on the incoming economic data.
Kansas City Fed President Esther George for an interest rate hike.
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