Fed's Powell: Raise rates gradually so economy can heal

April 8, 2015 1:28 PM

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Federal Reserve governor Jerome Powell said in a speech Wednesday that the central bank should wait longer to raise interest rates and do so gradually to provide more opportunity to reverse the recession's ravages.

"It makes sense to me to move fairly gradually as long as the incoming data evolve about as expected," Powell said in the prepared text of a speech he plans to deliver at the Council on Foreign Relations in New York. "Doing so would, among other benefits, give our economy the best chance to make up ...

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