BINGHAMTON, N.Y. The Federal Reserve can be patient on raising interest rates due to low inflation and uncertainties over prospects for the U.S. economy, including Britain's vote to leave the European Union, New York Fed President William Dudley said on Tuesday.
"If you strip out the energy sector, inflation is still a little below what we would like... so that allows us to be patient in terms of letting the economy run with accommodative monetary policy in place," Dudley said. "If inflation were higher ... we could probably be a little more aggressive in terms of monetary policy.
"With uncertainties about the outlook and inflation being lower than desired, it allows us to be a little more patient," he said, adding the so-called Brexit vote is among the "clouds on the horizon" for the U.S. economy.
(Reporting by Jonathan Spicer; Editing by Diane Craft)
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Published Date: Jul 06, 2016 01:45 AM | Updated Date: Jul 06, 2016 01:45 AM