Measured rate rises appropriate says Fed's Stern

Minneapolis Fed President Gary Stern said on Monday 19 July that the US economy is on track for solid growth and the Federal Reserve still intends to raise interest rates at a moderate pace.

"We've been pretty clear about saying policy has been accommodative for a significant period of time, and we intend to reduce that accommodation in a measured way. And for my nickel, that is the course that is appropriate to be on at the moment," Stern said on CNBC Television.

"June was obviously a month t