Fed officials had been split about whether to raise rates three times this year or four. A higher rate makes it more expensive for banks to borrow money, which can translate into higher borrowing rates for consumers. In the bond market, too, investors are showing signs of concern about higher inflation and faster rate hikes. Changing trade policy 'a risk'Powell said Fed officials are picking up concerns from business leaders about changing US trade policy. Powell declined to comment on any specific policy, but he said Fed officials around the country are reporting concerns from businesses.

Source: CNN June 13, 2018 18:02 UTC