October 14, 2016 / 2:02 AM / a year ago

Fed's Kashkari: Sluggish growth likely for foreseeable future

Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York February 17, 2016. REUTERS/Brendan McDermid

(Reuters) - Minneapolis Fed President Neel Kashkari said on Thursday that sluggish growth in the U.S. economy will likely remain for the foreseeable future.

“We’re not forecasting a recession, but we’re also not forecasting a booming economy,” Kashkari said at a town hall meeting in Montana streamed live on the bank’s website.

He said it would likely remain “sluggish.”

Kashkari is not a voting member on the Fed’s rate-setting committee until next year, but takes part in deliberations.

He has yet to comment on when he would prefer to see a rate increase, but has said he is more worried about raising rates too quickly than too slowly.

Most Fed policymakers are backing a rate hike by year’s end should the labor market and inflation continue to firm.

Reporting by Lindsay Dunsmuir in Washington; Editing by Sandra Maler

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