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The Wall Street Journal: Kaplan urges Fed to raise rates in ‘gradual’ manner as challenges persist

Federal Reserve Bank of Dallas President Robert Kaplan said Tuesday that the central bank should raise interest rates in a “gradual and patient manner” in light of continuing challenges facing the U.S. economy.

Kaplan, in prepared remarks before the Official Monetary and Financial Institutions Forum in Beijing, said that U.S. gross domestic product figures in 2016 have so far been disappointing. The U.S. economy grew just 1.2% in the second quarter, less than the 2.6% that had been expected by economists surveyed by The Wall Street Journal.

Kaplan also noted that inflation continues to run below the Fed’s 2% target. The Dallas Fed expects headline inflation to come near 2% in the medium term, he said.

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