(Bloomberg) — Federal Reserve Vice Chairman Stanley Fischer said raising interest rates from near zero "likely will be warranted before the end of the year" and subsequent increases probably won't be uniform or predictable.
"A smooth path upward in the federal funds rate will almost certainly not be realized" as the economy will encounter shocks such as the surprise plunge in oil prices or future geopolitical crises, Fischer said on Monday in remarks to the Economic Club of New York.
Policy makers last week opened the door to a rate increase as soon as June, while also indicating in their forecasts they will go slow once they get started.
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