What FOMC board members have been saying

On Wednesday investors will scrutinize the minutes of the latest FOMC meeting for any clues on the timing of potential rate rises. With a few concerns emerging around the pace of recovery in the US there has been no shortage of comment. Taking a lead from these recent comments, extremely accommodative policy will be around for some time to come: “Federal Reserve Bank of New York President William Dudley said the pace of rate increases may be “shallow” once tightening begins. Fed Bank of Atlanta President Dennis Lockhart said late yesterday he favors putting off a rate rise for the next two meetings. Minneapolis Fed President Narayana Kocherlakota said Tuesday that policy makers “should be extraordinarily patient about reducing the level of monetary accommodation,” and raising the fed funds rate would be a “mistake” this year. Chair Janet Yellen has said she expects to raise rates this year, and that subsequent increases will be gradual.”