Based on his predictions of core personal consumption expenditure inflation rising slowly this year, and remaining under 2%, a “modest” rate hike by the end of the year “would be desirable,” Federal Reserve Bank of Minneapolis president Narayana Kocherlakota reiterated Wednesday.

Should PCE core inflation rise to 1.5%, a hike of 50 basis points would be called for, Kocherlakota told the Rochester Area Chamber of Commerce, according to ­prepared text released by the Fed that echoed remarks he made two weeks ago in New York.

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