Economic data needs to improve before the Federal Reserve can start to raise interest rates, said Eric Rosengren, the president of the Boston Fed, on Thursday. First-quarter gross domestic product appears to have slowed "well below" the fourth quarter's "relatively disappointing," 2.2% growth rate, he said. While the unusually cold and snowy winter may be temporarily slowing the economy, "it remains difficult to separate the temporary and easy-to-explain from the lasting and more concerning," Rosengren said. The Boston Fed president is not a voting member of the Fed policy committee this year. He has been one of the most dovish Fed officials, counseling patience in moving away from the U.S. central bank's easy policy stance.
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