Noting he is not in a hurry to raise interest rates, Federal Reserve Board Governor Jerome Powell said in an interview that below-target inflation, the Federal Open Market Committee "can be patient," according to a published report.
Speaking before Friday's employment report was released, Powell told the Financial Times, "In particular, I need to see two really good employment reports. And then it is a conversation. I wouldn't be pounding the table saying we really need to raise rates."
He said when the FOMC hikes rates it will be a "very gradual" process and rates will need to be "lower than I thought."
Powell said he is "more worried about it than I was" about stagnation. "The probability of an era of weaker growth, lower potential growth, for a longer period of time -- that worries me more than it used to."
