Fed vice chair indicates September rate hike still possible
Federal Reserve Vice Chairman Stanley Fischer said Friday that incoming economic data and market developments will likely determine whether the Fed boosts interest rates in September.
Before the recent turbulence in financial markets, there was a "pretty strong case" for starting to hike rates in September, Fischer said in an interview with CNBC. But he stressed that the Fed is watching how events unfold following the surprise Aug. 11 move by China to devalue its currency.
The Chinese action has roiled markets around the globe because it raised concerns that the world's second largest economy is sliding into a steeper-than-expected slowdown that could threaten global growth.
