Dallas Fed's McTeer confident on US economy

The dip in the U.S. economy in the second quarter was due largely to higher oil prices and the country has now moved on, Federal Reserve Bank of Dallas President Robert McTeer said on Tuesday 7 September.

"I'm hopeful that the soft patch is mostly behind us. I don't see any good reason for the soft patch. I'm sure high energy prices are a big part of it and I'm hopeful they will come down even more than they have," he told reporters after a speech to the Greater Dallas Chamber.

"I would point o