While not predicting when he expected the Federal Open Market Committee to raise the fed funds rate target, Federal Reserve Bank of Atlanta President Dennis Lockhart said Friday increases are not "preprogrammed" and will be decided on data available at each meeting.
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"I anticipate a very gradually rising interest rate environment over the next two years," Lockhart told a realtors conference, according to prepared text released by the Fed. "At the same time, I do not see rates marching higher for an extended period in a preprogrammed tightening campaign. The economy does not call for that, at least not at this time. Rate decisions will continue to be data-dependent and, therefore, meeting-to-meeting, in my view."
