Moskow says Fed can raise rates gradually

The Federal Reserve intends to raise U.S. interest rates at a gradual pace, though much depends on developments in the economy, Chicago Fed President Michael Moskow said on Wednesday.

Speaking on CNBC, Moskow said inflationary pressures seen so far this year such as higher oil prices were transitory and he saw no worrisome buildup of inflation.

The Fed after last week's monetary policy meeting said currently low official U.S. interest rates will be tightened "at a pace that is measured or grad