Tarullo: Not Appropriate to Hike Rates This Year

Given current conditions, the Federal Reserve should not raise rates this year, Governor Daniel Tarullo said in a televised interview Tuesday.

"I wouldn't expect it would be appropriate to raise rates," Tarullo said on CNBC.

He noted too much uncertainty, as weakness in global economies, low oil prices and a stronger dollar have worked to keep inflation down.

While the labor market’s progress is certain, Tarullo said he wants to see “tangible evidence” of increasing inflation that will push closer to the Fed’s 2% target.

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