Fed troubled by housing weakness

NY TIMES

Federal Reserve officials have gingerly begun to take on what will be their most difficult task over the next 12 to 24 months: determining how and when to gradually raise interest rates and return monetary policy to a more traditional path, even as they keep trillions in assets accumulated during the huge stimulus efforts of the last five years.

Officials at the central bank are not anywhere near a final decision on tactics and strategy, nor do they have a definite date in mind, although most experts expect them to take their first step in raising short-term interest rates in mid- to late 2015.

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