The Federal Reserve needs to raise interest rates about four more times before it reaches an equilibrium level, Dallas Fed President Robert Kaplan said Thursday.
Speaking a day after the central bank released minutes from its May meeting, Kaplan said the Fed still has work to do before it can say that it has its benchmark funds rate at a level that is considered “neutral” for growth.
“My own view is we should be raising rates until we get to neutral,” he told CNBC’s Steve Liesman in a live interview from Dallas. “We should do it gradually. I’m not prepared to say yet I want to go above neutral.”
