October 19, 2016 / 6:05 PM / a year ago

Fed's Kaplan says U.S. inflation is likely firming

FORT WORTH, Texas, Oct 19 (Reuters) - U.S. inflation, which has under-run the Federal Reserve’s 2-percent target for years, is “likely firming,” Dallas Federal Reserve Bank President Robert Kaplan said on Wednesday.

Kaplan, speaking at the Fort Worth Chamber of Commerce’s Mayor’s International Luncheon, said he expects U.S. GDP growth to be about 1.75 percent this year, slower than what has been historically the norm but enough to push down unemployment and reduce slack in the labor market. Kaplan participates in the Fed’s regular policy discussions, but will not vote on policy until next year.

Reporting by Lisa Maria Garza, writing by Ann Saphir; Editing by Chizu Nomiyama

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