The US economy is by many measures in its rudest health since well before the financial crisis, a top Federal Reserve policymaker said as he reiterated the central bank’s intentions to gradually increase short-term interest rates.
Randal Quarles, the Fed’s vice-chairman for financial supervision, told a conference in Tokyo that growth has been showing more momentum since the second quarter of last year, and that unemployment is at its lowest levels since the 1960s apart from a brief period from 1999 to 2000.
“Against this economic backdrop, with a strong labour market and likely only temporary softness in inflation, I view it as appropriate that monetary policy should continue to be gradually normalised,” Mr Quarles said.
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