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Experts Say: 2017-02-17
Fed needs to be slow in raising interest rates
The U.S. economy probably bounced back to an annual growth rate of around 2.5 percent in the second quarter, and the labor market is approaching full employment, Federal Reserve vice chairman Stanley Fischer said on Tuesday. In addition, according to the official, the interest rates should be raised gradually.
Fischer's comments come ahead of a speech scheduled on Friday by Fed Chair Janet Yellen who is expected to give guidance on interest rate policy. Waiting too long to raise interest rates would be "unwise" as economic growth continues and inflation rises, Fed Chair Janet Yellen told Congress on Tuesday.
Repeating caution that Janet Yellen and other central bank officials have issued in recent months, Stanly Fisher said that even though the Fed expects to hike gradually and to keep policy accommodative, getting rates back to normal levels is important. "It will be a matter of years rather than weeks or months", - the official said.
US Federal Reserve raised interests rates only twice since the end of the financial crisis in 2008.
At the same time, some other high-ranking officials from the Federal Reserve began to adopt the "hawkish" position to act quickly in order to keep the economy from overheating.
Eric Rosengren, president of the Federal Reserve Bank of Boston, reckons that Federal Reserve will have to raise rates at least three times this year, and perhaps even more, if the regulator wants to avoid a possible overheating.
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