The fed funds rate target is too low because the U.S. economy has progressed, according to Federal Reserve Bank of Kansas City President Esther George.
The economy has been "resilient," and she foresees a "fairly steady pace of growth" ahead, she told a management conference in Lake Ozark, Mo., according to published reports.
"Keeping rates too low can create risks," George reiterated, according to reports.
Responding to a question, George said, the current near-zero rate is not "normal." She described the normal rate as "historically" around 4%, but said it is likely lower now.
She added, she chose not to dissent at the recent Fed meeting, where rates were not raised, as a result of "timing," with the Brexit vote jsut days away and a weak employment report received the prior week.
