OECD says Fed can slow rate hikes

The OECD advised the U.S. Federal Reserve on Tuesday 6 September to ease the pace at which it raises interest rates in the wake of the devastation and oil supply disruption caused by Hurricane Katrina.

It also said that the European Central Bank should remain "very accommodative" in terms of interest rates and chief economist Jean-Philippe Cotis said there was in any case no place for considering a rate rise soon.

"There's no urgent need to tighten interest rates," Cotis said.

"The Federal Res