November 30, 2016 / 2:41 PM / a year ago

Fed's Kaplan backs U.S. rate hike in 'near future'

NEW YORK (Reuters) - A centrist Federal Reserve president on Wednesday said he backed an interest rate hike “in the near future,” adding to the very high odds that the U.S. central bank will tighten monetary policy next month.

Dallas Fed President Robert Kaplan told reporters he had been “comfortable” with a rate hike at policy meetings in both September and early November. “My view has not changed. I believe we are at the point where we ought to be removing some amount of accommodation in the near future,” he said. 

Earlier on Wednesday he said he would “advocate that we take further action” to raise rates next year as long as the economy continues to approach the Fed’s inflation and employment goals.

Futures traders see a 90 percent chance that the Fed raises rates a quarter of a percentage point after a Dec. 13-14 policy meeting.

Reporting by Jonathan Spicer; Editing by Meredith Mazzilli

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