Snow says higher rates won't dampen US growth

US Treasury Secretary John Snow on Tuesday 29 June expressed optimism that rising market-based interest rates will not act as a drag on the US economic recovery. The Federal Reserve was expected to raise US interest rates at the conclusion of its FOMC meeting on Wednesday.

"I don't think it will dampen the growth. Rising interest rates are something you observe in a recovering economy," Snow said when asked about the effect of higher rates following a tour of a local iron works plant near Port

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