Federal Reserve ends pledge to be 'patient' in normalizing monetary policy

The Federal Reserve on Wednesday opened the door further for an interest rate hike as early as June, ending its pledge to be "patient" in normalizing monetary policy.

But the U.S. central bank signaled a more cautious outlook for U.S. economic growth and slashed its projected interest rate path, in a sign that it remains concerned about the health of the recovery.

In its statement following a two-day meeting, the Fed's policy-setting committee repeated its view that job market conditions had improved and gave its strongest signal to date that it was nearing its first rate hike since 2006.

[link to www.breakingnews.com]