The Federal Reserve is likely to hike rates somewhere in the middle of next year but the timing depends on the data, said Stanley Fischer, the Fed's vice chairman, on Thursday. "Capital markets have it more or less right," Fischer said during a question and answer session on the sidelines of the International Monetary Fund annual meeting. Fischer said he didn't like the phrase "liftoff" for the first hike because it suggested rates would rocket higher and the Fed may move relatively slowly. But in the end, he stressed that the path of rates would depend on the economy. Asked for his definition of the Fed's "considerable time" guidance, Fischer joked "sometime between 2 months and a year."
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