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"The
U.S. outlook still looks very good," St. Louis Fed President
James Bullard told Bloomberg in an interview from Jackson Hole,
Wyoming, where central bankers from around the world are
converging for an annual meeting.
Global stock market volatility has sowed doubts over when the
Fed will raise interest rates, particularly since the chief of
the New York Fed, who is a close advisor to Fed Chair Janet
Yellen, on Wednesday said the case for a September hike now
appeared less compelling.
But Loretta Mester, president of the Federal Reserve Bank of
Cleveland, said the volatility has not changed her view that the
U.S. economy was ready for a modest increase in interest rates.
"I want to take the time I have between now and the September
meeting to evaluate all the economic information that's come in,
including recent volatility in markets and the reasons behind
that," Mester said in an interview with the Wall Street Journal.
"But it hasn’t so far changed my basic outlook that the U.S.
economy is solid and it could support an increase in interest
rates."
Bullard, who last month said economic data had boosted the case
for a September rate hike, noted that the Fed doesn't like to
change policy when markets are volatile, a Bloomberg reporter
said, citing Bullard's comments made off-camera following an
interview.
"The key question for the committee is how much would you want
to change the outlook based on the volatility we've seen over
the last 10 days," Bullard said. "And I think the answer to that
is going to be not very much."
(Additional reporting by Jason Lange in Washington; Editing by
Chizu Nomiyama)
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