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The stock market rally may be due for a pause, according to a top Federal Reserve official.
Boston Fed President Eric Rosengren told CNBC's "Closing Bell " on Thursday he thinks stocks are "fully priced," adding: "Something we must consider is how much prices are likely to go up if we don't continue the path of raising rates gradually."
Rosengren also said he was concerned about surging prices in the commercial real estate market. "I think the valuations are quite rich compared to historical experience," he said.
The central banker also spoke about monetary policy, noting it would be appropriate for the Fed to raise rates in December.
"Obviously, we'll have to wait and see. And the data is a little hard to interpret because the various hurricanes that have been hitting the United States have obviously disrupted not only people living in those areas but also our data series," said Rosengren, a nonvoting member of the Fed policymaking committee. "But my guess is, if the data comes in as expected, it would be appropriate to raise rates in December."
Recent inflation data, including the September producer's price index and last month's jump in average hourly earnings, have raised the chances of a December move.
Market expectations for a rate hike in December were at 88 percent on Thursday, according to the CME Group's FedWatch tool.