Indeed, the strength of the US economy warrants higher interest rates as early as June, President Federal Reserve Bank of Richmond Jeffrey Lacker said.
In afternoon trading on Wall Street, the Dow Jones Industrial Average rallied 1.5 percent.
US equities pared earlier losses. In afternoon trading on Wall Street, the Standard & Poor's 500 Index was flat.
These headwinds will continue to weigh on US manufacturers in the months ahead.
In afternoon trading on Wall Street, the Dow Jones Industrial Average fell 0.32 percent.
"An increase in the target federal funds range likely will be warranted before the end of the year," Fed Vice Chairman Stanley Fischer said.
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