Feds Warn Interest Rates May Go Up Soon

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Get ready for higher interest rates.

Members of the Federal Reserve are warning that the Central Bank will raise rates quickly and aggressively once the economy is on firmer footing.

The fed members say they will move just as quickly to prevent inflation as they did to prevent last year's credit crisis from turning into a depression.

But analysts point out the fed is walking a tightrope.

If they raise rates too soon, it could prevent the recovery from turning into a strong economic expansion.

But if they wait too long, inflation could take off.    

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