Rate rise around mid-2015 a reasonable assumption -Fed's Dudley

NEW YORK, March 7 Fri Mar 7, 2014 1:06pm EST

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NEW YORK, March 7 (Reuters) - It is reasonable for investors to predict that the U.S. Federal Reserve will raise interest rates some time around mid-2015, New York Fed President William Dudley said on Friday.

Market expectations are for the Fed to raise interest rates "sometime toward the middle of 2015," he said at Brooklyn College. "I think those are a very reasonable set of expectations based on what we know today, and our economic forecasts."

Most market participants who closely follow the Fed, he noted, are expecting a rate rise when the unemployment rate falls to around 6 percent.

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