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Rate hike 'later this year' is still operative" – Fed’s Lockhart

FXStreet (Mumbai) - FOMC member and the President of the Atlanta Fed, Dennis Lockhart, said in prepared remarks at the Buckhead Rotary Club in Atlanta on Monday, that he thinks it will be appropriate to raise interest rates before the end of the calendar year.

Key Quotes:

"As things settle down, I will be ready for the first policy move on the path to a more normal interest-rate environment. I am confident the much-used phrase 'later this year' is still operative."

"Fears of financial market participants apparently rose in mid-August. Although volatility is lower today, as of Friday it had not completely subsided."

Lockhart concluded that the sources of uncertainty that fuelled financial market volatility "represent a modest risk to our economy, but a risk factor nonetheless."

"Even so, I have gotten comfortable enough on the inflation question to take a first step in one of the coming FOMC meetings in what will likely be an extended process of normalization of the interest-rate environment."

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