(Bloomberg) -- The Federal Reserve opened the door to an interest rate increase as soon as June, while also indicating it will pursue a slower upward path once it achieves liftoff.

The new signals were contained in a policy statement that ended an era by dropping an assurance that the Fed will be “patient” in raising rates, and in a fresh set of estimates that lowered the median for the federal funds rate the end of 2015 to 0.625% compared with 1.125% in December.

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