23rd September 2015
Federal Reserve Bank of Atlanta president Dennis Lockhart has said that while market volatility posed a risk to the US economy, he is confident that the central bank will raise rates this year.
Last week the Federal Open Market Committee left the Fed’s benchmark rate near zero.
Mr Lockhart said the vote was a “close call” and said he remains “confident the much-used phrase 'later this year' is still operative” in the context of a first rate hike.
His comments come after three other regional Fed presidents called over the weekend for the bank to raise rates this year, fuelling speculation that the central bank is moving closer to tightening.
The next Fed meeting takes place in October but investors are looking ahead to Fed chair Janet Yellen’s speech on September 24th for further indication of when the first rate rise in nearly a decade will come.
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