Chicago and Cleveland Fed presidents back gradual path for rate increases

Federal Reserve

Chicago Fed president Charles Evans has declared he is "comfortable" with the pace of tightening implied by the Federal Open Market Committee's (FOMC) so-called dot plots. Cleveland Fed president Loretta Mester has also reiterated her view that "gradual" normalisation will be appropriate in 2016.

According to the ‘Summary of Economic Projections', released on March 16, the median expectation among Fed officials is for a 50-basis point rate increase over the course of the year. This was half the

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