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The Federal Reserve will consider rate hikes at upcoming policy meetings, but is weighing the risks of moving too early, a top Fed official said Tuesday.
In prepared remarks, Fed Vice Chairman Stanley Fischer noted that the U.S. central bank does not need to see markers such as employment and inflation fully meet its objectives before raising rates. He echoed other Fed officials who noted recently that signs point to a tightening labor market and increasing wages.
Some Fed officials have hinted that a liftoff from near-zero interest rates could happen later this year. Many market watchers have looked for a hike in September or later.
Read MoreWhy Fed could delay: Ex-Fed gov
Fischer noted that he sees "tentative signs" of wages rising as the U.S. moves closer to full employment. The Fed's policy making committee believes inflation will hit its 2 percent target within two years but a stronger dollar will weigh on inflation, he said.
While evidence has shown a consumer rebound, a strong dollar will stifle growth "for a time," he noted. Fischer believes the U.S. economy will likely grow 2.5 percent this year.