December 7, 2018 / 5:27 PM / 9 months ago

Fed governor Brainard backs rate hikes in 'near term'

Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder

WASHINGTON (Reuters) - Federal Reserve governor Lael Brainard on Friday backed rate hikes in the “near term” but said some economic tailwinds were fading and that interest rate policy will increasingly depend on the evolving U.S. outlook.

Speaking at an event in Washington on financial stability, Brainard said the picture was broadly positive but that risks were growing including overseas and in the corporate debt markets.

“The gradual path of increases in the federal funds rate has served us well by giving us time to assess the effects of policy as we have proceeded,” she told the audience.

“That approach remains appropriate in the near term, although the policy path increasingly will depend on how the outlook evolves.”

Reporting by Michelle Price; Editing by Chizu Nomiyama

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