Finance

Fed needs time to weigh global risks to U.S. economy: Kaplan

Snow rests on the eagle statue atop the U.S. Federal Reserve in Washington January 26, 2016. REUTERS/Jonathan Ernst Thomson ReutersSnow rests on the eagle statue atop the U.S. Federal Reserve in Washington

NEW YORK (Reuters) – The Federal Reserve needs more time to assess how global economic weakness and financial market turmoil will hurt the U.S. economy and will be patient about policy decisions, a Fed policymaker said on Friday.

In an interview with Reuters, Dallas Fed President Robert Kaplan offered his explanation of the central bank’s decision this week to drop a reference in its policy statement to “balanced” economic risks.

“That is significant. And it should be saying to people (that) we are going to take some time here to understand what is going on,” he said. “I need more time to continue to assess that and I plan to take it.”

(Reporting by Jonathan Spicer and Jason Lange in New York; Editing by Chizu Nomiyama)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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