Fed's Lockhart wants to see more improvement before hiking U.S. rates

[September 29, 2016]  ORLANDO, Fla. (Reuters) - A top U.S. Federal Reserve official said on Thursday he supported the U.S. central bank's decision to leave interest rates unchanged at its policy meeting earlier this month until there was more evidence the economy is moving closer to the Fed's goal of full employment and 2 percent inflation.
 

Dennis Lockhart of the Atlanta Fed takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File Photo

Atlanta Federal Reserve President Dennis Lockhart said he expected the Fed would raise interest rates "before long".

"However, I did support the consensus view that before taking the next move, it makes sense to see a little more evidence of progress toward our statutory policy objectives," he said in reference to the Fed's most recent policy statement from its September meeting.

Lockhart's comments were in a prepared speech at an event here sponsored by the Florida Chamber Foundation. He is not a voting member of the Federal Open Market Committee, the Fed's policy-setting group. He will retire from his position in February 2017.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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