The Federal Open Market Committee needs to be patient and perhaps hold off on rate increases, Federal reserve Bank of Dallas President Robert Kaplan said in an interview published Tuesday.
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"In order to reach our inflation objective we may need to be more patient than we previously might have thought," Kaplan told the Financial Times. "If that means we take an extended period of time where we stop and don't move, that may also be necessary. I am not prejudging that."
By not raising rates, the Fed would be able to gauge the effects of financial market turbulence and slow global economic growth. "On balance," Kaplan said, "I'd be concerned about the downside."
