The Fed looks shaky on its most important reason for raising interest rates

The Federal Reserve left interest rates on hold as expected after its May meeting, but it dropped one key hint that another rate hike is likely in June barring a considerably softer outlook for economic growth: the word "transitory."
Previously used to describe a period of inflation below the Fed's 2% target, that term was now used to describe a weakening of the economy's performance during the first quarter, when the annualized rate of growth slowed to a three-year low of 0.7%.
"The Committee