Following their June 16-17 meeting, Federal Reserve policymakers announced that they wouldn’t raise the short-term federal funds rate from the near zero level it’s been since 2008. However, indications are that the first increase could occur in September. “No decision has been made by the committee about the right timing of an increase, but certainly an increase this year is possible,” said Fed Chair Janet Yellen.It was reported that of the 17 participants in the latest Fed gathering, 15 said they anticipated a rate increase this year. The next two meetings a rescheduled for September and December. The Federal Reserve also announced that they expect the economy will grow this year by 1.8 percent to 2 percent. In March, they forecasted growth of 2.3 percent to 2.7 percent.