Boston Federal Reserve President Eric Rosengren
One of the 3 to vote for an immediate rate hike in September is calling bluntly for a rate hike in December. Boston Fed President Eric Rosengren said on CNBC this morning that there is a "much higher probability" of a rate hike at the December FOMC and that pricing in such a hike is "appropriate." Rosengren said he is concerned that the labor market is too tight and cited the risk of overshooting the unemployment rate which he sees falling 1/2 point to 4.5 percent over the next 15 months. He also said low long rates are creating "anomalies" in the commercial real estate market which he warned is running hot. Later this morning Rosengren will give opening remarks at the Boston Fed's 60th economic conference.
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