The Federal Reserve likely will raise rates by as much as 50 basis points by the end of August, a group of bank economists predicted Wednesday.

The American Bankers Association's economic advisory committee endorsed the rate hike, which would drive the federal funds rate near 6%.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.