Fed's Kaplan highlights robust private spending

Economy 9/14/2018, 3:08 PM
Fed's Kaplan highlights robust private spending

Robert Kaplan, head of the United States Federal Reserve's subsidiary in Dallas, told Fox Business he doesn't expect inflation to get out of hand. Speaking on Friday, this year's nonvoting member of the central bank's policy panel reiterated his support for gradual and patient increases in interest rates, stressing strength in private consumption.

The policymaker spoke immediately after a weak statistical report for retail sales in August, which showed growth of just 0.1%, while the annual pace cooled by 0.1 percentage points to 6.6%. In his view, the monthly readings for the sector can be "noisy." The rate was the weakest in six months. He stuck with his outlook for 3% economic growth this year for the US and said the momentum may slow next year.

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