Federal Reserve officials insist that the outlook for interest rates depends on how economic data evolves and isn’t driven by the calendar. They are nevertheless offering various views on the probable timing of the first increase since 2006.
The Fed’s pledge that interest rates will stay low for a “considerable time” could mean anything from two months to one year, Vice Chairman Stanley Fischer said today.
New York Fed President William C. Dudley said this week that forecasts for an increase in mid-2015 are “reasonable.” Today, San Francisco Fed President John Williams said that timeframe is a “reasonable guess to my mind.”
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