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What the Fed Needs to See Before It Raises Rates

Officials need time for a convincing turn to unfold
Views Of The Federal Reserve As FOMC Meets On Rates
Andrew Harrer/Bloomberg

Federal Reserve officials sounded optimistic in their statement Wednesday, but there was no sign that they intend to raise interest rates any time soon. That's because they're missing an important prerequisite: a sustained, solid turnaround in economic growth.

The rash of bad economic news throughout the first quarter was capped Wednesday by the Commerce Department report that U.S. gross domestic product barely grew, rising at a 0.2 percent annualized pace in the first three months of 2015.