The latest FOMC statement, released on Wednesday, acknowledged that economic growth had slowed "in part reflecting transitory factors", referring to the unusually cold weather in the Northeast, the dollar's appreciation, the West Coast port dispute and the drop in mining investment triggered by the slump in oil prices.
And although the statement suggests that Fed officials still believe economic growth and inflation will rebound, until they see evidence of such a rebound, which could take another few months, they are in no rush the raise interest rates from near-zero.
"September now seems the most likely lift-off date." says Capital Economics
