A top Federal Reserve official said Monday he did not know the central bank's next move, even as concerns about global outlook have grown and inflation continues to lag below expectations.
Fed Vice Chairman Stanley Fischer repeated that the central bank's policymaking committee continues to watch global economic developments. While he noted that the effects of recent market pain are difficult to gauge, he said the Fed would adjust its policy to economic and financial events.
"Increased concern about the global outlook, particularly the ongoing structural adjustments in China and the effects of the declines in the prices of oil and other commodities on commodity exporting nations, appeared early this year to have triggered volatility in global asset markets," he said in remarks prepared for the Council on Foreign Relations in New York. "At this point, it is difficult to judge the likely implications of this volatility."