Fed opens door for rate hike even as it downgrades economic outlook

March 19, 2015 00:10

The Federal Reserve on Wednesday moved a step closer to a much anticipated first rate hike since 2006 by removing "patient" from its language, although markets bet on a September hike after it downgraded the expected pace of growth and inflation.

Stock markets rallied after the Fed statement, while the U.S. 10-year Treasury yield dipped below 2 percent for the first time since March 2 and the euro rose against the dollar on the more dovish forecasts that appeared to argue against a June move.

"This was largely what was expected, though some may have been fearing a more hawkish Fed, and that explains the rally we're seeing right now, that it didn't state a precise time for raising rates," said John Carey, portfolio manager at Pioneer Investment Management in Boston.

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