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VOL. 40 | NO. 31 | Friday, July 29, 2016

Fed official says 1 rate increase might be needed this year

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WASHINGTON (AP) — A Federal Reserve official who has been a leading supporter of a slow approach to raising interest rates says one rate increase "could be appropriate" this year.

Charles Evans, president of the Fed's Chicago regional bank, isn't saying whether he thinks that rate increase should come at the Fed's next policy meeting in September or as late as December. He also says he might still prefer no rate increase at all this year until he sees inflation rising above its current low level.

The Fed has sometimes expressed concern that it might start raising rates too late and fall behind in efforts to fight inflation. But Evans says he isn't sure that concern is relevant today. Inflation has remained below the Fed's 2 percent target level for four years.

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