US Fed's Powell: favors raising rates "fairly gradual"

• timing and pace of rate rises will be data dependent
• sees no troubling buildup of frothy financial conditions
• favours raising rates "fairly gradually"
• expects inflation to gradually rise to Fed's 2% goal
• jobless rate understimates remaining labour market slack
• labour market progress continuing despite March data
• expects US economy will support rate lift-off later in 2015
• first rate rise could come as soon as June
• Fed should look for more proof that labour markets tightening

Fed's Powell aka "the lone Republican" in a speech in NY