US economy back on track says Fed's McTeer

Dallas Federal Reserve Bank President Robert McTeer said on Tuesday 5 October that the inflation scare is over with and the US economy is back on track from its soft patch.

``At 1-3/4 percent, and inflation running about that or a little above it, real short-term interest rates are still negative or close to negative,'' he said, adding that he did not know what would happen to rates when the Fed's policy-setting Open Market Committee next met, in November.

``We can be 'measured' and be 'patient

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