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Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said he believes a case can be made for an increase in rates relatively soon.
The Institute for Supply Management-Chicago Business Barometer edged up after a sharp decline the previous month, but fell below expectations.
Home prices continued to increase in January despite slowing growth and seasonal weakness, a closely watched index showed on Tuesday.
CNBC Rapid Update, which tracks forecasts from economists, fell to 1.4% after weaker consumer spending in February.
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