Fed increases estimate for key rate at end of 2015

WASHINGTON — Federal Reserve policymakers have slightly increased their estimate of what the Fed's benchmark interest rate will be at the end of 2015 compared with their estimate three months ago.

The Fed has kept its benchmark rate at a record-low level near zero since 2008 to try to boost economic growth. Most economists expect the first rate increase to happen by the middle of next year. A Fed statement indicated little change in the timing of that first increase.

The median short-term interest rate supported by Fed policymakers at the end of 2015 is now 1.38 percent, up from 1.13 percent at its June meeting.

The Fed expects slower growth this year and next than in its last set of projections issued in June.

Read Thursday's Arkansas Democrat-Gazette for full details.

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