Top Fed official: US economy growing despite global weakness
The No. 2 official at the Federal Reserve says the strong dollar and global economic weakness have been a drag on growth, but the U.S. economy has been weathering the shocks reasonably well.
Federal Reserve Vice Chairman Stanley Fischer says that the decision by the central bank to keep its ultra-low interest rate policies in place was a key factor in shielding the economy. But he notes some sectors heavily exposed to international trade have been affected.
The Fed raised the possibility at its last meeting that when it meets in December, it could begin raising interest rates, something it has not done in nearly a decade. Fischer says a Fed rate hike will depend on how the economy is performing when officials meet.