October 19, 2018 / 6:08 PM / a year ago

Fed is raising rates for good reasons, BoE's Carney says

Mark Carney, the Governor of the Bank of England, speaks in New York, U.S., October 19, 2018. REUTERS/Shannon Stapleton

NEW YORK (Reuters) - Bank of England Governor Mark Carney said on Friday he thought the U.S. Federal Reserve was raising interest rates for good reasons, based on the strength of the U.S. economy.

“They’re on the path they’re on for fundamentally good, positive reasons,” Carney said as he answered questions following a speech at the Economic Club of New York.

He cited the possibility of the world’s No.1 economy growing at an annualized pace of 4 percent in the current quarter, as well as the return of wage growth that could prompt a firming of underlying inflation pressure.

Reporting by Jonathan Spicer, writing by Andy Bruce, editing by David Milliken and Andrew Heavens

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