While “comfortable” with current monetary policy, Federal Reserve Bank of Cleveland president Sandra Pianalto said Thursday she would love to hike interest rates before late 2014 “on the basis of a brighter outlook for economic growth,” but the recent spike in oil prices may “complicate” inflation.

While expecting inflation to remain near 2%, Pianalto acknowledged, “the recent spike in oil prices and housing rents could complicate the inflation picture if they persist,” according to prepared text of a speech to the City Club of Cleveland released by the Fed.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.