Federal Reserve likely to skip interest rate hike at next meet

Leading Federal Reserve officials are sending out stronger signals that they will forego an interest rate increase at the central bank's next meeting in June, though they indicate hikes could resume later this year.

"Skipping a rate hike at a coming meeting would allow (Fed policymakers) to see more data before making decisions" about whether to further increase rates, said Fed Governor Philip Jefferson in a speech Wednesday. Philadelphia Fed President Patrick Harker made similar comments Wednesday.

Jefferson has been nominated by President Joe Biden to be Fed's vice chair, though he has yet to be confirmed by the Senate. But his nomination places him close to the center of Fed policymaking.