Fed's Kaplan says U.S. rates are on the right setting: FOX

FILE PHOTO: Dallas Federal Reserve Bank President, Robert Kaplan, stands on a stage at Stanford University's Hoover Institution where he is attending an annual monetary policy conference in Stanford, California, U.S., May 4, 2018. REUTERS/Ann Saphir/File Photo

(Reuters) - The U.S. economy should grow at a solid 2.25-2.50% rate this year, with inflation moving up to the Federal Reserve’s target, putting rates in the right place, a top Fed official said on Wednesday.

Dallas Federal Reserve Bank President Robert Kaplan told the FOX Business Network that it was too soon to say what effects U.S. tariffs on Chinese imports would do to the country’s currency or inflation rate.

Kaplan told the television network that he wants to be patient on rates and avoid policies that might create excesses or imbalances in the U.S. economy.

Reporting by Trevor Hunnicutt in New York; Editing by Chizu Nomiyama