Fed's Lockhart says early rate hike could hurt progress: BBG Radio

NEW YORK Fri Aug 22, 2014 11:30am EDT

Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, arrives at the opening reception of the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 21, 2014. REUTERS/David Stubbs

Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, arrives at the opening reception of the Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 21, 2014.

Credit: Reuters/David Stubbs

NEW YORK (Reuters) - Atlanta Federal Reserve Bank President Dennis Lockhart warned of the risk of an early interest rate hike and said he maintained the view that mid-year 2015 was likely the best time to begin tightening monetary policy.

"I think there is some risk of moving prematurely and snuffing out some progress," Lockhart said in an interview on Bloomberg Radio. Many Fed officials are currently attending a central bank symposium in Jackson Hole, Wyoming, which began Thursday.

"I'm holding to the view that mid-year 2015 is probably about the right time for the beginning of a cycle of tightening," he said, and added that he would like to see "a bit more evidence accumulate" on the strength of the economy.

(Reporting by Sam Forgione Editing by; W Simon)

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