Fed's Kocherlakota: raising rates in 2015 is inappropriate

Comments from Minneapolis Federal Reserve's Kocherlakota:

• Says personal consumption expenditures inflation is running well below 2%
• And "it will continue to do so for several years. Based on this outlook, raising the fed funds rate in 2015 would be inappropriate, because such an action would serve to further delay the return of inflation to target"
• Says that while the labor market improved rapidly in 2014 ... "one good year certainly does not make up for the several preceding disappointing ones"
• Speech repeats text of April 10 speech

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