Fed’s Fischer says downside risks abroad ‘noticeably smaller’

Comments from Stanley Fischer
– China’s economy appears to be on ‘more solid footing’
– Emerging markets better able to withstand Fed hikes
– Spillovers should be manageable
Key quote: "I expect that U.S. policy normalization will be gradual under likely scenarios for the evolution of output and inflation. A gradual and ongoing removal of accommodation seems likely both to maximize the prospects of a continued expansion in the U.S. economy and to mitigate the risk of undesirable spillovers abroad."