March 26, 2013 / 6:15 AM / in 5 years

Fed's Fisher: U.S. economy starting to move, not acclerating

ABU DHABI, March 26 (Reuters) - The U.S. economy is beginning to move forward slowly but not accelerate, a senior U.S. Federal Reserve official said on Tuesday.

Dallas Fed President Richard Fisher, speaking at a financial conference in the United Arab Emirates capital, also said he was confident that the U.S. economy would keep growing at its current 2 to 3 percent pace.

He described this week’s international rescue plan for indebted Cyprus, which involves penalising big depositors at its banks, as unique, since the island was a depository for hot money.

But he added that the difficulty with the rescue was what it signalled to other depositors around the world, since depositors ran economies.

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