Rate hike likely to come 'later this year': Fed chief

Washington

THE Federal Reserve left its benchmark interest rate unchanged at near zero on Wednesday, but chair Janet Yellen said the first hike in nine years would likely come "later this year".

After a two-day policy meeting, the US central bank's Federal Open Market Committee (FOMC) again demurred on an increase in the federal funds rate, even as the FOMC saw the economy rebounding from the contraction in the first quarter.

But Ms Yellen said the economy still has some weak points and the FOMC needs to see more evidence of improvement before emba…