Ex-NY Fed chief McDonough sees no rate hike soon

William McDonough, who until last year held the second most powerful position at the Federal Reserve said in a TV interview Friday it's going to be quite a while before the Federal Reserve raises interest rates.

Former Federal Reserve Bank of New York President William McDonough told CNBC the central bank "will increase interest rates only when it's appropriate. My own view is that is likely to be some distance in the future."

McDonough left the Fed last spring to lead the Public Accounting Ove

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