(Reuters) - The Federal Reserve may be missing its inflation target, but prices are stable, a top Fed official said on Thursday, repeating his view the U.S. central bank should raise rates earlier in 2015 rather than wait.
“We’re below the 2-percent target but come on, we have price stability in the United States,” said Dallas Fed President Richard Fisher in an interview with CNBC, citing inflation data from the Dallas Fed that shows annual price increases hovering around 1.6 percent to 1.7 percent in recent months.
The Fed has since 2012 defined its price stability goal as 2-percent inflation. By the Fed’s preferred gauge, inflation slipped to 1.3 percent in its most recent reading.
Fisher has pushed to raise interest rates next month, a battle he now says he has lost.
Reporting by Ann Saphir; Editing by Chizu Nomiyama