'No chance' Fed will pause interest rate hikes -analyst

STORY: The Federal Reserve last month raised target rate by three-quarters of a percentage point, its biggest hike since 1994. Another similar-sized rate hike is expected in July. The Fed has increased its benchmark overnight interest rate by 150 basis points since March.

Rising interest rates, inflation and tighter financial conditions have darkened the economic outlook, with consumer spending rising modestly in May and housing starts as well as building permits and factory output softening.