Fed should have hiked in March: Morgan Stanley CEO

CEO of Morgan Stanley James Gorman speaks in New York, May 6, 2014.

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The Federal Reserve should have raised rates in March, said Morgan Stanley Chief Executive James Gorman.

"The Fed has kept rates too low too long," Gorman said at an event at the New York University Stern School of Business.

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In January, Gorman told Bloomberg Television that he would "put good money" on the Fed raising rates in 2015.