×

Fed's Esther George: It's time to remove some accommodation

Kansas City Federal Reserve President Esther George told CNBC the most recent economic data on Thursday shows growth continuing to move forward.

In a "Squawk Box" interview, she said it's time to remove some accommodation. She added that a Fed funds overnight lending rate of 1 percent would still be considered accommodative. The range of the Fed funds rate is currently 0.25 percent to 0.5 percent.

George, a voting member on the Fed's policymaking panel this year, had advocated raising interest rates at September's meeting. "I base that off of looking where the job market is progressing [and] looking at the progress inflation is making."

"We're late in the year now. How many moves we can make is going to be a function of the calendar," George observed, saying global economic risks do not appear to be outsized, a factor that's kept the Fed at bay in the past.

The Fed meets again in November and December, but Fed Chair Janet Yellen only has a scheduled news conference scheduled after the latter gathering. The central bank is generally believed to prefer making a move at a news conference meeting.

Central bankers hiked rates for the first time in more than nine years in December 2015, but they have not made any moves since.

Morning Squawk: CNBC's before the bell news roundup

Sign up to get Morning Squawk each weekday

Get this delivered to your inbox, and more info about about our products and service. Privacy Policy.
Please enter a valid email address