Fischer: Market Volatility Affects Rate Hike

Market volatility will play a role in the timing of liftoff, according to Federal Reserve Board Vice Chair Stanley Fischer, who noted, "we've got time to wait" before making a rate decision.

Economic data will determine the timing of the first rate hike, he said in a CNBC interview, and no decision has been made on a September rate hike.

"The changes in the circumstances which begun with the Chinese devaluation is relatively new and we're still watching how it unfolds," he said, "and so I wouldn't want to go ahead and decide whether right now what the case is - more compelling, less compelling, etc."

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