Fed can be both late and slow to raise rates: Kocherlakota

BISMARCK, N.D. (Reuters) - With the U.S. economy still years away from rising to normal levels of inflation and employment, the Federal Reserve can afford to wait until well into next year to raise interest rates, a top Fed official said on Tuesday.

Counseling extraordinary patience on eventual rate hikes, Minneapolis Fed President Narayana Kocherlakota laid out a case for waiting until the second half of 2016 to start raising rates, and to then raise them gradually so as to reach just 2 percent by the end of 2017. The U.S. central bank has kep...

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