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Fed rates on gradual upward path, timing uncertain: Mester

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Interest rates in the United States are on a gradual upward path but the timing of hikes will depend on developments in the economy, a top Federal Reserve official said on Tuesday.

[SYDNEY] Interest rates in the United States are on a gradual upward path but the timing of hikes will depend on developments in the economy, a top Federal Reserve official said on Tuesday.

Speaking at a banking conference in Sydney, Cleveland Fed President Loretta Mester said she was comfortable that the central bank was not behind the curve on monetary policy and inflation.

But she declined to offer any specific guidance on whether rates would stay on hold for the rest of the year.

Asked about strong June payroll data released last week. Ms Mester said it was a positive report and that the country was basically near full employment.

REUTERS