No interest rate hikes likely until 2015 or 2016

(Dec. 19, 2013) -- The summary of when participants expect the Fed to start increasing interest rates showed two members see the first increase in 2014 (down from three) while 12 projected the first increase to come in 2015 (unchanged from September) and three members (compared to two) looking at 2016 as the most appropriate timing for the first hike in the fed funds rate.