The U.S. economy should rebound to a roughly 3 percent annual growth rate after a rocky start to 2014 and put the Federal Reserve on track to raise rates later next year, Atlanta Federal Reserve Bank President Dennis Lockhart said on Tuesday.
Lockhart, who does not currently sit on the Fed’s policymaking committee, said he was “not in a rush” for the central bank to end the era of loose monetary policy and begin raising rates.
Speaking at Louisiana State University’s Graduate School of Banking, Lockhart said there was still ample slack in labor markets and a need for the Fed to be patient until it is clear that economic growth is sustainable and strong enough to maintain full employment.
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