Powell, citing crisis damage, says rate hikes to proceed gradually after liftoff

April 8, 2015 12:04 PM

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Powell, citing crisis damage, says rate hikes to proceed gradually after liftoff

WASHINGTON (Reuters) - The effects of the financial crisis are making it hard for the Federal Reserve to measure the level of slack in the U.S. economy, so upcoming rate hikes should proceed at a slow pace as the central bank feels its way back to normal, Fed governor Jerome Powell said on Wednesday.

Powell said he expected a cycle of rate hikes, the Fed's first in more than eight years, to begin "later this year," as early as the Fed's June meeting.

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