U.S. inflation remains too low to raise interest rates, a member of the Federal Reserve said Friday.
“Inflation is too low, we need to get it back up to 2 percent,” Vice Chair Stanley Fischer said in a Q and A at the US Chamber of Commerce. “That’s why we’re keeping interest rates low, to encourage investment” and growth, he said.
In the 12 months through June, US core CPI rose 1.8 percent after May’s 1.7 percent increase.
His remarks diverge somewhat from Fed Chair Janet Yellen, who this week told Congress that she expects a rate hike in 2015.
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