Alex Brandon, Associated Press
Reserve Vice Chairman Stanley Fischer says he expects the Fed to start raising interest rates sometime this year.

Federal Reserve Vice Chairman Stanley Fischer says he expects the Fed to start raising interest rates sometime this year.

Fischer's remarks build on a message the Fed sent last week. The central bank opened the door to a rate increase by no longer saying it would be "patient" in starting to raise rates. At the same time, the Fed signaled it was in no hurry, noting that it needed a stronger job market and inflation to rise above extremely low levels.

The Fed has kept its key short-term rate near zero since 2008 to try to bolster the economy.

"An increase in the target federal funds range likely will be warranted before the end of the year," Fischer says in remarks to the Economic Club of New York.