Fed's surprise message: June interest rate hike likely if economy improves

Martin Crutsinger Associated Press - WASHINGTON — Catching many investors off guard, the Federal Reserve made clear Wednesday that an interest rate hike in June is likely if the economy keeps improving. The minutes of their most recent meeting in late April showed that Fed officials widely felt it would be time to raise rates at their June 14-15 meeting as long as hiring and economic growth strengthened and inflation showed signs of accelerating toward the Fed's 2 percent target rate. The Fed had voted 9-1 in April to keep