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Fed lowers borrowing-cost trajectory despite projections

Revisions hurt investors' faith in the central bank's ability to communicate the path of rates

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Ms Yellen said in May an increase would likely be appropriate "in the coming months".

New York

IT'S the Fed that cried wolf.

After US central bank officials including chair Janet Yellen signalled for weeks that they expected to raise interest rates in coming months, backing previous forecasts that called for two increases this year, the Federal Reserve on Wednesday