If, as market-watchers expect, the Federal Reserve raises interest rates in June, then expect to hear advance word of this at a critical meeting of the central bank's Federal Open Market Committee in March.
Sandra Pianalto, a former president and CEO of the Federal Reserve Bank of Cleveland, made this prediction at Tuesday's opening general session of the IMCA 2015 New York Consultants Conference, held at the Sheraton New York hotel in midtown Manhattan.
"At its December meeting, the Federal Open Market Committee said it would not likely normalize [interest rates] for at least the next couple of meetings and that it will be giving information about pending policy actions two meetings out, Pianalto said. "So if they're going to make a move in June, the March meeting will be critical in their communications with the public."
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