Rosengren says expects earlier Fed rate hike than does market

The Federal Reserve will likely raise interest rates this year before markets currently expect since risks to the U.S. economy from abroad are fading, a top Fed official said on Monday. In a confident-sounding speech for a typically dovish U.S. central banker, Boston Fed President Eric Rosengren said it was "surprising" that futures markets currently imply one or zero rate hikes this year, a prediction he said could prove "too pessimistic." The central bank raised rates for the first time in a decade in December but stood pat at a March policy meeting due to an overseas slowdown and early-year market volatility. ... READ MORE