The Fed: Fed’s Fischer: ‘We are close to our targets’

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Federal Reserve Vice Chair Stanley Fischer

WASHINGTON (MarketWatch) — The U.S. central bank is within reach of its twin targets of maximum sustainable employment and an inflation rate of 2%, said Federal Reserve Vice Chairman Stanley Fischer on Sunday, suggesting he is open to further interest rate hikes this year.

“We are close to our targets,’ Fischer said in a speech prepared to a conference on the world economy sponsored by The Aspen Institute in Aspen, Colorado.

Fischer said the U.S. labor market has been “remarkably resilient” despite several shocks from overseas.

And the core measure of the personal consumption expenditure index – the Fed’s favorite measure of inflation – at 1.6% “is within hailing distance’ of the central bank’s 2% target, Fischer added.

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